EBRD provides $150 mln subordinated credit to Raiffeisen Bank Aval
KYIV. Dec 4 (Interfax) - The European Bank for Reconstruction and Development (EBRD) will extend Kyiv-based Raiffeisen Bank Aval a $150 million subordinated credit, the EBRD said in a press release.
The ten-year subordinated credit will fortify the capital of Raiffeisen Bank Aval, which will effectively improve the bank's financial condition, the Bank said. The credit agreement has already been inked.
This is part of a long-term EBRD financial program aimed at the Raiffeisen International bank network in Ukraine, Romania, and Russia, the EBRD said.
The EBRD is a major investor in Ukraine, with 4.2 billion euros in 194 projects. Since this year began, the Bank has lent Ukrainian banks more than $700 million aimed at redressing the effects of the worldwide economic crisis.
Raiffeisen Bank Aval (formerly known as Aval) was founded in 1992. Raiffeisen International Bank-Holding AG owns 95.93% of its shares.
The bank ended 2008 in 21st place among CIS banks and 2nd among 182 Ukrainian banks on the Interfax-100: CIS Banks ranking.