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04.07.07 Vab Bank raises subordinated debt
VAB Bank has signed subordinated loan agreement with TBIF Financial Services B. V. (Amsterdam, Netherlands), the Bank's largest shareholder. The facility in amount of $10 million, which matures in five years, shall be utilized to finance customer loan portfolio of the Bank.
According to Mr. Andrey Snegirev, Chairman of the VAB Bank's Management Board, ‘Shareholder's support is part of Bank's strategy, which allows to continue increasing the regulatory capital and to sustain the Bank's high growth rate planned for 2007.
In 2007, the Bank entered into the international capital markets with the debut $125 million Eurobonds issue and $50 million syndicated loan in accordance with the Bank's international borrowings plan for the current year.
Reference dataVseukrainsky Aksionerny Bank (VAB Bank) operates in the Ukrainian financial market since 1992 and, according to the National Bank of Ukraine, ranks among the large banks group as to assets. The bank's regional network comprises 25 branches and 136 outlets, as well as a representative office in Budapest (Hungary). TBIF Financial Services B. V. (Amsterdam, Netherlands), a large international company, is one of the bank's shareholders. In October 2006 VAB Bank became a member of the VAB Group.
Moody's has assigned to VAB Bank Foreign and Local Currencies Deposit Ratings B2/NP (positive outlook), Long-Term National Scale Rating A1.ua (positive outlook) and Bank Financial Strength Rating E+ (stable outlook). Fitch Ratings has assigned Issuer Default Rating B-, Short-Term B, Individual D/E, Support 5 and National Long-Term Rating BBB-. The outlooks on the Issuer Default and National Long-Term Ratings are stable.
As of July 1st, 2007 VAB Bank's total assets amount to UAH5.4bn, regulatory capital — UAH563m, share capital — UAH201.4m.
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