Ukrainian magnate in deal for Nadra Bank-daily

14:17, 05 November 2008
Ukraine
3012 0

Firtash has signed a preliminary agreement

Ukrainian businessman Dmytro Firtash has signed a preliminary agreement to buy 86.7 percent of the shares in Nadra Bank, the seventh largest in the ex-Soviet state, the daily Ekonomicheskiye Izvestiya said on Wednesday, Reuters reported.

The daily, quoting a source in the banking system, said the shares to be sold belonged to bank president Igor Gilenko and two members of the supervisory board, Sergei Lagur and Vadym Piatov.

Privately-owned Nadra Bank was unable to confirm or deny the report.

The bank`s site said Gilenko owned 33.4 percent of shares, with Lagur and Piatov holding 33.7 percent and 19.6 percent. A further 7.8 percent belongs to investment funds and 5.1 percent to employees.

Ukraine`s central bank on Wednesday said strategic investors had acquired 68 percent of the shares in troubled Prominvestbank, the country`s sixth largest.

Nadra is due in early November to repay a syndicated loan of $130 million contracted at LIBOR +1.5 percent and overseen by BayernLB and Fortis Bank as well as maiden $100 million in Eurobonds issued with the help of Dresdner Kleinwort Wasserstein and UBS Investment Bank.

Last month, Nadra received from the central bank a loan of 1.5 billion hryvnias ($257 million) to help repay the syndicated loan. The bank had originally intended to refinance the payment through new borrowing on the international market.

Reuters via Interactive Investor

If you see a spelling error on our site, select it and press Ctrl+Enter