13:35 05.09.2019

IFC considering EUR 30 mln loan to Ukrgasbank with possible conversion into up to 20% of shares

2 min read
IFC considering EUR 30 mln loan to Ukrgasbank with possible conversion into up to 20% of shares

 International Finance Corporation (IFC) from World Bank Group may grant a senior unsecured loan of up to EUR 30 million to a state-owned PJSC Ukrgasbank with an option to convert into up to 20% equity share of the bank.

According to the IFC project information portal, the tenor of the loan of up to five years with a bullet repayment.

The IFC board of directors plans to consider this project at its meeting on September 19.

According to the document, the option to convert the loan into bank's equity will be at IFC's full discretion.

As reported, in November 2017, Ukraine's Ministry of Finance agreed on cooperation with the International Finance Corporation (IFC) in the framework of privatization of JSC Ukrgasbank.

According to the signed memorandum, in which Ukrgasbank itself also acted, the Finance Ministry confirms its intention to completely withdraw from the bank's capital, while the IFC intends to provide consulting services to increase its investment attractiveness. In addition, the IFC may consider investing in the bank's capital to support its sale.

Such investing was scheduled for 2018, however, this date was postponed later on.

Ukrgasbank was established in 1993 and as of January 1, 2017 the state represented by the Ministry of Finance owned 94.94% of its shares.

Ukrgasbank ranked fourth among 76 banks operating in the country in terms of assets as of July 1, 2019 (UAH 94.036 billion), according to the NBU.

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