|
|
 |
 |
|
Summary of Project Information (SPI) |
|
| |
| Project number | 8166 |
| Project name | Creditanstalt Ukraine |
| Country | Ukraine |
| Sector | Finance & Insurance |
| Department | Global Financial Markets Group |
| Company name | Joint Stock Commercial Bank HVB Bank Ukraine |
| Environmental category | FI |
| Date disclosed | April 30, 1997 |
| Status | Completed |
| Previous Events | Invested: February 24, 1999
Signed: May 10, 1998
Approved: November 18, 1997 |
|
Summary Of Project Information (SPI)
| Project Name | Ukraine-Creditanstalt Ukraine |
| |
| Region | Europe |
| Sector | |
Project No008166
Projected Board DateJune 1, 1997
Company NameCreditanstalt Ukraine
Technical Partner and/or Major Shareholders
The foreign sponsor is the Creditanstalt Group (CA), one of Austria’s two leading banks. CA provides corporate and personal banking, international banking, and investment banking services in Austria and throughout Central Europe and Russia. It also has extensive brokerage, fund management and leasing operations in the region. The local partner, AvalBank, was founded in 1992 and is one of the largest private banks in Ukraine with 40 branches throughout the country.
Project Cost Including proposed IFC investment
US$18 million; proposed IFC equity investment of up to US$3 million and credit line of up to US$5 million
Location of project and Description of site
Kiev, Ukraine.
Description of Company and Purpose of Project
The project involves the establishment of a joint venture commercial bank in Ukraine with Creditanstalt and a local Ukrainian bank, AvalBank. It is envisaged that the bank will be capitalized at ECU10 million (about US$13 million), with Creditanstalt (jointly with affiliates) taking a majority stake, and AvalBank and IFC taking the balance. IFC is also considering providing the bank with a $5 million credit line for onlending primarily for trade finance and working capital. The bank would initially target corporates with western partners and local exporters.
Environmental Category and Issues
This is a Financial Intermediary (FI) Category Project according to IFC’s environmental review procedure. For relevant operations, Creditanstalt - Ukraine will be required to implement an environmental management system consistent with host country requirements and World Bank policies and guidelines.
| Date SPI sent to PIC | April 30, 1997 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384 |
|
|
|