OREANDA-NEWS. October 05, 2010. Kreditprombank has signed the Consolidated Facility Agreement with its foreign lenders. The set of agreements signed with the Consolidated Facility Agreement stipulates that over USD 300m of the Bank's debt will be extended for up to five years at competitive interest rates, reported the press-centre of Kreditprombank.

In addition, a conversion of USD 100m of debt into equity of Kreditprombank will be completed. The equity of the Bank has been and will be further strengthened by already made and future injections from the existing shareholders equal in total to USD 90m.

A group of over twenty international shareholders including European Bank for Reconstruction and Development (EBRD), Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), Cargill Financial Services International Inc., Raiffeisen Zentralbank Oesterreich AG and London Forfaiting Company will hold up to 49% of the Bank's shares. The new shareholders will be represented by two of the five members in the Bank's Supervisory Board.

As a reminder, in February this year Kreditprombank and its Lenders signed an agreement, which determined the basis of debt restructuring and one of its conditions provided for signing shortly of the final Consolidated Facility Agreement.

As noted by the CEO of the Public JSC "Kreditprombank" Viktor Leonidov, the cooperation with the leading financial institutions will result in strengthening of the Bank's position as a more stable and reliable financial institution with foreign capital. "Kreditprombank received full support from both Ukrainian and international lenders. There is no precedent of signing such a complex consolidated agreement in the domestic financial market and it creates a positive example for the whole banking sector of the country. We are the first Ukrainian bank to have such a large and broad mix of international banks as owners", - marked Viktor Leonidov. – "Kreditprombank has received substantial assistance from its partners in the process of implementing institutional changes in the areas of Human Resources, IT and Credit and Risk divisions. The partnership with mature leading international institutions will also facilitate the improvement of corporate governance and further development of socially responsible business", - emphasized the CEO of Kreditprombank.

The Public Joint Stock Company "Kreditprombank" is a stable universal commercial bank represented in the financial market of Ukraine since 1997. According to the NBU’s classification it is included into the group of the largest banks of the country.
The Bank provides a wide range of financial services for the corporate and retail clients, representatives of small and medium business and its customer base amounts to about 400 thousand of physical persons and more than 10 thousand of legal entities. As of 01 September, 2010 the national network of sale points of Kreditprombank included 12 branches, 172 outlets and Kyiv Regional Department.