OREANDA-NEWS. On 24 February 2009 was announced, that the NBU set the acting administration in Odesa Bank and set the curator in the Bank of regional Development.  Meanwhile, the NBU provided UAH 30mn and UAH 80mn refinance loans to Odesa bank and the Bank of Regional Development, respectively. Note that these were the eighth and ninth banks, where the NBU set its temporary administrations. Although, the temporary administration was taken off from Prominvestbank on 20 February 2009.

Millennium Capital expected that the above banks will need the additional financing, since both of them had significant amounts of retail deposits (more than 50%) in their deposit portfolios, while had no external sources of financing. At the same time, Millennium Capital sees that Odesa bank has larger problems, since its credit portfolio exceeded the amount of its liabilities, seeming about significant under capitalization of the bank. Therefore, the temporary administration will be set in Odesa Bank for quite long period, while there are some chances that the Bank of Regional Development will manage to recover without deep readjustment.

Millennium Capital is an integrated financial services provider. Established in 2000 by a group of professionals with solid background in securities and corporate finance, Millennium Capital is now one of the major investment banking institutions.