Urksotsbank Plans To Raise $1.5 bln On Foreign Markets In 2007.
6 October 2008
The bank’s Chairman, Boris Tymonkin said Ukrsotsbank (USCB: BUY) plans to attract roughly $1.5 bln through the placement of Eurobonds, syndicated credit and a private placement. Alexander Viktorov: This is blockbuster news for Ukraine’s banking sector, last year Ukraine’s entire banking sector only attracted $1.3 bln. However, if the bank’s acquisition by Banca Intesa is completed, it is doubtful USCB will face many obstacles in getting these funds. Cheap, long term foreign borrowing will bode well for the bank’s profitability. We maintain our recommendation and target price for the bank.
