IFC to extend USD 20 mln loan to Megabank

The International Finance Corporation announced yesterday that it planned to give a USD 20 mln loan to Megabank (MEGA). The loan will consist of a USD 10 mln 3-year convertible senior loan and a USD 10 mln 7-year subordinated loan. Loan proceeds will be directed to strengthening the capital and liquidity of the bank and to facilitate future growth once the economic situation stabilizes, according to the IFC project summary posted on its website. The project will be up for approval by the IFC board on June 22, 2009. Megabank is Ukraine’s #47 largest bank by assets as of April 1, 2009 according to the National Bank of Ukraine.