VAB gets loan extension from NBU

VAB Bank received an extension on its ~EUR 80 mln in loans from the National Bank of Ukraine until 4Q10, Kardan NV, whose ~90% subsidiary TBIF is a shareholder in VAB, said in a statement this morning. The loans were granted in 2008 as part of the NBU and International Monetary Fund’s program to support the banking sector. Kardan said that in order to meet NBU and IMF requirements for the loan, TBIG contributed EUR 12.5 mln to increase VAB’s capital by way of conversion of loans. Following government approval of the transaction, TBIF’s stake in VAB is set to increase from 49% to 63%.