17:02 28.02.2014

Prominvestbank suspends issue of new credits

Prominvestbank (PIB, Kyiv), a subsidiary bank of Russia's Vnesheconombank (VEB), is temporarily suspending active transactions for crediting borrowers who are new to the bank and continues working with existing corporate and retail clients to minimize risks, the press service of VEB has told Interfax-AFI.

The volume of financial support by VEB amounts to $3 billion, taking into account investment in capital and credit lines opened for Prominvestbank.

VEB supports the liquidity of Prominvestbank in conditions of instability of the economic situation in Ukraine in the required volume for fulfilling its liabilities by the bank.

Prominvestbank was founded in 1992. The largest shareholder of PIB on January 1, 2014 was Vnesheconombank (98.6%, Russia).

According to the National Bank of Ukraine, on October 1, 2013 in terms of net assets (UAH 40.237 billion) PIB ranked sixth among the 178 banks operating in the country.

In 2009, VEB bought additionally issued shares of PIB worth $550 million. In 2001, VEB opened a credit line with a limit of $800 million to the bank. In 2009-2012, PIB formed additional reserves worth $735 million.

In July 2013, PIB executed the demand of Ernst & Young to urgently create additional reserves for the old credit portfolio. VEB compensated the reduction in capital of the Ukrainian subsidiary by an investment of $365 million into the bank's capital.

The sending of additional funds of $405 million to the charter capital of PIB scheduled for Q4, 2013 to execute the demands of Ernst & Young on the creation of reserves was postponed due to uncertainty in the political and economic situation in Ukraine in late 2013.

Now a new stage of additional capitalization of $405 million has been postponed due to uncertainty of the political and economic situation in Ukraine.

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