Economy 2021-09-18T04:01:38+03:00
Ukrainian news
EBRD Announces Conditions To Enter Oschadbank’s Capital

EBRD Announces Conditions To Enter Oschadbank’s Capital

EBRD, Oschadbank, State Savings Bank

The European Bank for Reconstruction and Development (EBRD) has announced major conditions to enter the capital of Kyiv-based Oschadbank (Savings Bank) state-run bank.

The Ministry of Finance of Ukraine has said this in a statement, Ukrainian News Agency reports.

According to the report, on September 9, Finance Minister Serhii Marchenko had a meeting with Francis Malige, the Managing Director, Financial Institutions for the EBRD, and Matteo Patrone, the Managing Director, Eastern Europe and the Caucasus at the EBRD.

During the meeting, the parties discussed the terms of future cooperation and the provision of long-term financing by the EBRD in the form of a subordinated loan with the possibility of converting into shares of Oschadbank.

The main conditions of the EBRD, preceding the granting of the loan, are: approval by the Cabinet of Ministers of the development strategy of Oschadbank for 2021-2025; development and coordination with the Ministry of Finance of a privatization plan and a strategy for the state's exit from the capital of Oschadbank and updating, together with the EBRD, the program for its transformation.

According to Francis Malige, financing of Oschadbank is one of the EBRD's strategic projects in Eastern Europe.

He stressed that the EBRD is ready, if necessary, to be involved in the process and advising the Ukrainian side to accelerate the achievement of results.

As Ukrainian News Agency earlier reported, in May 2018, the EBRD announced that it admitted entry into the capital of Oschadbank.

In November 2016, the EBRD and the Government of Ukraine agreed to prepare Oschadbank for partial privatization in 2018.

The Oschadbank’s Supervisory Board welcomes the strategic partnership established with the EBRD aimed at further reforming the state bank and transforming it into a financially stable and attractive banking institution.

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