The proposed project will provide the capital increase of up to USD 4.4 million (UAH 22 million) in Kredobank under the framework of Multi Bank Equity Financing for Ukrainian Banks. The original transaction was approved as a sub-project at the time of the approval for the framework (PSD released 04 August 1997 and updated on 25 March 2003).
The total capital increase of up to USD 15 million (EBRD portion: up to USD 4.4 million) will strengthen Kredobank’s capital base allowing further growth of the bank’s business and compliance with NBU regulations.
The project will provide Kredobank with Tier 1 capital and financial resources needed for implementation of the medium-term strategy of Kredobank to develop core banking business and in particular lending to private sector SME clients and retail banking. Via Kredobank the EBRD aims to foster competition and financial intermediation in the Ukrainian banking sector.
Kredobank (“the bank”) is a leading universal bank in Western Ukraine, with headquarters in Lviv. The bank is owned by PKO BP, the largest Polish bank (66.65%) and the EBRD (28.25%).
Equity investment under Multi-Bank Equity Financing Facility in Ukraine of up to USD 4.4 million (EUR 3.6 million) by way of subscription to newly issued ordinary shares of Kredobank as part of a capital increase.
USD 4.4 million (UAH 22 million).
Kredobank is managing environment-related reputation and financial risks through the implementation of the EBRD's environmental requirements within its existing operations. Kredobank will continue to comply with the EBRD’s Environmental Procedures for Local Banks which requires adherence to the Environmental Exclusion and Referral List and compliance at a minimum, with all applicable national regulations and standards for environment, health and safety, labour and public information/consultation requirements. Kredobank will submit annual environmental reports to the EBRD.
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