F&C Bank attracts USD 25 mln in subordinated debt

Finance & Credit Bank obtained a USD 25 mln subordinated loan from Bloomshine Ltd (Great Britain), it said in a press release issued yesterday. The funds were attracted for seven years. The bank said the financing package was part of its capitalization program. Mykyta Mykhaylychenko: As part of regulatory capital, the subordinate debt will boost the bank’s CAR (by National Bank of Ukraine rules) to ~13.6% from 12.3% as of end-2009, other things being equal, according to our estimates (the NBU’s minimum CAR ratio is 10%). Finance & Credit has USD 95 mln in Eurobonds, maturing in 2014.