The FINANCIAL — Open Joint Stock Company "Raiffeisen Bank Aval" received a loan from European Bank of Reconstruction and Development (EBRD). The US$ 75 million Subordinated Loan Facility was signed today. It will be accounted to Tier 2 capital of the Bank. The tenor of the deal is 10 years.
"The role of international financial institutions, like EBRD, in the time of financial turbulence in Ukraine has become even more important than ever", said Volodymyr Lavrenchuk, CEO of Raiffeisen Bank Aval. "We highly appreciate commitment that EBRD has extended for Raiffeisen Bank Aval over more than 13 years of fruitful cooperation with our Bank", he added.
Raiffeisen Bank Aval, founded in March 1992, is one of the largest Ukrainian banks in terms of a number of core parameters. For example, the bank’s total assets amounted to above UAH 52.5 billion as at 1 October 2008, up 18 percent on the full year 2007, making it the number two on the local market (all the data are given according to the Ukrainian national accounting standards).
Raiffeisen Bank Aval is a subsidiary bank of Raiffeisen International Bank-Holding AG. Raiffeisen International operates one of the largest banking networks in Central and Eastern Europe. 17 markets in Europe's growth region are covered by subsidiary banks, leasing companies and a range of other financial service providers. Over 14 million customers are serviced in more than 3,100 business outlets.
Raiffeisen Zentralbank Oesterreich AG (RZB) is the central institution of the Raiffeisen Banking Group and the majority shareholder of Raiffeisen International owning more that two thirds of the stock listed company.