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07.10.08 VAB Bank Will Finance Residential Development in Kharkiv
VAB Bank has launched a new residential development project in Kharkiv.
The construction will be financed out of clients’ cash put in trust in a Class A Construction Financing Fund to be managed by VAB Bank, with SKS Company Limited acting as a project client. Construction Group International Company Limited, whose project portfolio exceeds half a million square meters of residential and commercial properties already operating or under construction, will act as a developer.
“We continue being active with primary market housing loans provided to individuals, and offer attractive terms. Our Construction Financing Fund, on its part, secures timely development and delivery to clients of residential properties for cash they have invested. Presently this programme offers loans for up to 25 years, either with a 15% downpayment or, if a client is able to provide other real property as collateral, without such upfront payment,” says Yevgeni Oparin, head of small business products development department.
The commissioning of the new multistorey residential building with an embedded retail and office component at 258 Klochkovskaya street in Kharkiv is scheduled for the end of 1Q2009.
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 according to NBU. In October 2006, VAB Bank became a member of VAB 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 6.7 billion as of 01 July 2008.
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