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Saturday, February 23, 2019

Vnesheconombank Group opens $100 million credit line for Prominvestbank

Ukraine's Prominvestbank announced on Thursday that it obtained a $100 million line of credit from the Vnesheconombank Group.

Victor Bashkirov, the chairman of the board of Prominvestbank, said the financial support from the Russian company will help the bank to fulfill its obligations to clients.

"Prominvestbank received financial support in the amount of $100 million from its shareholder to maintain the current liquidity for the purpose of full unconditional fulfillment of obligations before the bank's clients," Bashkirov said.

Bashkirov said the country's political uncertainty, struggling economy and currency volatility are scaring depositors away and forcing banks to raise additional funding.

"(During) this situation Prominvestbank takes all necessary measures to protect the interests of its clients and maintain its reputation as a reliable bank," Bashkirov said.

Vnesheconombank is the biggest shareholder in Prominvestbank, holding 98.6 percent as of January 1.

Prominvestbank, which was established in 1992, is the seventh largest of the 180 banks in Ukraine, according to the National Bank of Ukraine.