Bohai Commodity Exchange buys UBRD – SPF Head

13:31, 30.11.2016 1 min read

China's Bohai Commodity Exchange (BOCE) has bought the Ukrainian Bank for Reconstruction and Development (UBRD, Kyiv), Head of the State Property Fund (SPF) Ihor Bilous said at a press conference after the auction.

According to a posting on the fund's website, BOCE is the largest spot commodity exchange in China. Chinese citizens, several state-run companies and the administration of Tianjin founded the exchange.

The exchange was founded in 2009. Its annual turnover is around $1 trillion.

SPF hopes that the National Bank of Ukraine (NBU) would permit the Chinese investor to enter the capital of the bank aiming to develop its operations in Ukraine as soon as possible.

The key requirement to the winner is the expansion of the bank's capital by UAH 2.5 million to UAH 120 million so that the bank can meet the NBU requirements.

"We are glad to take part in the development of the Ukrainian financial market uniting international standards with Ukrainian traditions," BOCE Board Chairman Yan Dongsheng said at the press conference.