Ukrgazbank to sell stake to state for recapitalization support

Ukrgazbank (UGZB) shareholders, at their AGM on March 13, decided to sell a stake of no less than 50%+1 shares to the government in return for recapitalization support. The National Bank of Ukraine has already installed a temporary administrator at Ukrgazbank. Ukrgazbank shareholders also voted to end cooperation with international ratings agencies Moody’s and Fitch. The bank said it would continue open and transparent policies regarding investors, clients, analysts, and experts. As of Jan. 1, 2009, Ukrgazbank was the #17th largest bank in Ukraine by assets.