NBU appoints temporary administration to Nadra

NBU Council Head Petro Poroshenko said yesterday that the National Bank of Ukraine appointed a temporary administration to Nadra Bank (NADR). The NBU has now installed administrators at six Ukrainian banks (including Kyiv, National Credit, Ukrprombank, Prominvestbank, and Prychernomore), but Nadra is the first that has issued Eurobonds. In Nov. 2008, Group DF (related to businessman Dmitriy Firtash) stated plans to acquire a controlling stake in Nadra; Group DF requested last week that the NBU take over the bank in order to “protect the interests of depositors.” The acquisition of Nadra by Group DF is expected to be completed in May 2009.