F&C Bank protects assets in Cargill dispute

Finance & Credit Bank has thus far been successful in protecting its assets in its legal battle with Cargill Financial Service International over a USD 44 mln debt, Interfax reported yesterday. On August 7 a New York court ruled for the second time against Cargill’s requests to freeze Finance & Credit’s accounts with five U.S. banks. The Ukrainian lender is reportedly engaged in negotiations to restructure the debt to Cargill. Finance & Credit was Ukraine’s #14 largest bank by assets, as of July 1, according to the National Bank of Ukraine. Mykyta Mykhaylychenko: Cargill remains one of the most aggressive creditors of Ukrainian banks and will likely continue insisting on repayment by Finance & Credit for its debts to CFSI sooner than to other creditors.