OREANDA-NEWS. On 30 March 2009 was announced, that according to the NBU, the temporary administration of Prominvestbank (PIB), set in October 2008, left the bank on 17 March. At the same time the NBU abolished the moratorium on the deposits withdrawal from the bank. The management of the bank will be now handled by PIB's President V. Bashkirov. Note that PIB was the first bank to get rid of the temporary administration since the beginning of the liquidity crises.

Millennium Capital sees the news to be POSITIVE for PIB, since, supported by the parent financing (USD 715mn), PIB is able to repay all its current obligations. Still, according to Millennium Capital’s estimation, PIB’s funds are not sufficient to repay its deposits prematurely. This is also related to the additional spending of PIB to join the National Credit bank into its structure.

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.