Nadra adds UBS, ING to stable of restructuring advisors

Nadra Bank (NADR) announced yesterday in a press release that it has taken UBS and ING on as advisors on its debt restructuring efforts, Ukrainian News reported. Nadra previously said it signed on Rothschild & Cie and Ernst & Young to act as its advisors during negotiations. Nadra said that it has already signed agreements to restructure 25% of its total USD 900 mln in foreign debt that it took to finance commercial operations. As of July 1, Nadra Bank was Ukraine’s #11 largest lender by assets, based on NBU statistics. Mykyta Mykhaylychenko: The restructuring of Nadra’s foreign debt is the key requirement for the bank to get recapitalized by the government. We expect the bank to eventually complete its restructuring process and be recapitalized by the state (unlike Ukrprombank – another bank that was in line for recapitalization support). The appointment of two additional advisors might signal intensified work in this regard, which is welcome, as delays in this process are having a detrimental effect on popular confidence in the banking system.