The National Bank of Ukraine (NBU) has provided credit worth Hr 357 million to Bank Credit Dnepr (Dnipropetrovsk) to support its current liquidity and ensure the fulfillment of its liabilities to depositors-individuals, the regulator said on its website.
“The NBU decided to issue a stabilization credit of Hr 357 million to OJSC Bank Credit Dnepr for two years [NBU Board resolution No. 185/BT of March 19, 2015]. The decision was made to support liquidity of the bank and ensure the fulfillment of its liabilities to depositors-individuals,” reads the report.
The NBU said that immovable property belonging to the bank and the property guarantor was used as collateral. The collateral was appraised by a leading international audit company.
“The NBU only provides refinancing credits to support liquidity to solvent banks with a high-quality credit portfolio which adheres to all the requirements of Ukrainian law, have approved capitalization plans, effective management and the support of shareholders. All credits are issued with high-quality collateral with a fair value. Bank Credit Dnepr is in line with these requirements and has the large support of shareholders, and thus, it is a bank that has all grounds for systemic support by the regulator,” the press service said, citing First Deputy Governor of the NBU Oleksandr Pysaruk.
According to a press release issued by Bank Credit Dnepr, referring to its Board Chairperson Olena Malinska, the provision of the stabilization credit by the NBU, in combination with the support of shareholders, will allow the financial institution to survive the financial and economic crisis in the country, to fulfill its liabilities to clients in full and on time, and create and develop new banking products and services.
Bank Credit Dnepr was founded in 1993. The sole shareholder of the bank at the beginning of January 2015 was Brancroft Enterprises Limited (Cyprus, 100 percent), the beneficial owners – Ukrainian businessman Victor Pinchuk and his family.
Bank Credit Dnepr ranked 29th among 158 operating banks as of January 1, 2015, in terms of total assets worth Hr 7.552 billion, according to the NBU.
