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18.12.07 VAB Bank received NBU’s approval to include the subordinated loan facility in total capital of the bank
On 13 December 2007 Commission on Banking Regulation and Supervision of the National Bank of Ukraine gave its approval to include the subordinated loan facility in the amount of USD 20 mln in the total capital of VAB Bank.
The subordinated loan was provided by Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V (FMO), an international development bank.
“The fact that the facility was granted for 10-year tenor with a very competitive interest rate under the current market conditions demonstrates once again the high level of credibility to VAB Bank from our partners”,— said Lukas Tursa, Head of Treasury and Financial Institutions of VAB Bank.
The increase in the total capital by means of the subordinated loan facility will help to keep the Bank’s high growth rate. With this facility VAB Bank has completed the implementation of its international borrowing program for 2007.
Reference dataVseukrainsky Aksionerny Bank (VAB Bank) has been operating in the Ukrainian financial market since 1992 and belongs to the group large banks in Ukraine. In October 2006, VAB Bank became a member of VAB Group, a full-service financial group. Branch network consists of 25 branches and 143 outlets throughout Ukraine and a representative office in Budapest (Hungary). A large international company, TBIF Financial Services (Amsterdam, the Netherlands), is among the bank’s shareholders. Total assets of VAB Bank amounted to UAH 5.4 billion as of 01 November 2007, total capital — UAH 670 million.
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