Ukrsotsbank (UniCredit Bank, Kyiv) is boosting its charter capital by $250 million, reads a press release issued by the bank, citing CEO Graziano Cameli.
"The $250 million capital increase to be finalized in June after the general shareholders meeting comes on top of separate capital reinforcement measures for the equivalent of $250 million, which was already executed in March to strengthen the bank’s capital base. These amounts not only reflect the National Bank of Ukraine requirements shown by the IMF stress-test, but also give the bank an additional safety net to face the future," Cameli said.
The bank told Interfax-Ukraine that in March the funding of Ukrsotsbank by UniCredit Group in the amount of $250 million was converted to the shareholder capital of the bank.
According to the press release, Cameli said that this is an extremely good sign for Ukraine and its financial system, and testifies to the Ukrainian authorities’ efforts in stabilizing the situation in Ukraine.
"The crucial issue for every investor is creditors’ rights protection. UniCredit Bank’s capital increase gives sign to the whole system and Ukraine that UniCredit is doing its part. We are confident that the government and the public authorities will pursue and implement the necessary reforms," Cameli said.
Cameli said at a press conference on Thursday that UniCredit Group plans to stay in the Ukrainian market.
"We’re looking for the conditions to stay. Formally we're available for sale, but this is only technical," he said.
As reported, in 2013, UniCredit Group put Ukrsotsbank up for sale.
As of April 1, 2015, the regulatory capital of UniCredit Bank was UAH 9.4 billion, and charter capital – UAH 2.468 billion.
Ukrsotsbank was founded in 1990. UniCredit Bank Austria AG by October 2014 owned 36.9041% in Ukrsotsbank, PJSC Ferrotrade International – 35.5811%, UniCredit S.p.A. – 26.479%.
Ukrsotsbank ranked 6th among 158 operating banks as of January 1, 2015, in terms of total assets worth UAH 48.258 billion, according to the National Bank of Ukraine.
