15:22 25.11.2016

SPF finishes accepting bids to buy UBRD, auction to take place on Nov 30

2 min read
SPF finishes accepting bids to buy UBRD, auction to take place on Nov 30

Ukraine's State Property Fund (SPF) on November 24 finished accepting bids to participate in an auction to sell a state-owned stake of 99.9945% in the Ukrainian Bank for Reconstruction and Development (UBRD, Kyiv).

The fund said in a press release that information about bidders and their bids cannot be disclosed until the winner is announced.

The auction will take place at 11:00 on November 30.

Earlier a well-informed source told Interfax-Ukraine that the fund received at least one bid to participate in the auction.

The SPF on October 3 announced the repeated auction to sell the UBRD setting the starting price 29.8% lower than its nominal value (UAH 117.993 million) – UAH 82.827 million.

SPF Head Ihor Bilous said that investors from China and Iran showed their interest in the bank.

The UBRD was founded in 2004 to develop corporate, small and medium-sized businesses via crediting. Its owner was first the State Innovation Financial and Credit Agency, then the State Investment Company. In 2013, it was transferred to the Finance Ministry, and Mykola Azarov's government planned to create a development bank on its basis.

The bank ranked 100th among 100 operating banks as of October 1, 2016, in terms of total assets worth UAH 118.721 million, according to the National Bank of Ukraine.

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