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Government to revisit Nadra recapitalization in September

Government to revisit Nadra recapitalization in September

20 August 2010

Finance Minister Fedor Yaroshenko said yesterday at a press conference that the government would revisit the issue of recapitalizing Bank Nadra in September, after consulting with international experts and representatives of international financial institutions such as the World Bank, European Bank for Reconstruction and Development and the International Monetary Fund. Bloomberg reported on August 10 that Nadra finished restructuring its foreign debt. It had USD 877 mln due in international obligations, including Eurobonds, which required renegotiation prior to receiving recapitalization support from the government. Nadra did not disclose terms of the restructuring agreements. This spring, local media reported that the government was ready to purchase 50%+1 of the bank and a private investor was interested in the remainder, but a deal never materialized. Nadra was taken into temporary administration by the National Bank of Ukraine in February 2009. Nadra is the last large troubled Ukrainian bank whose fate is uncertain; Rodovid Bank, Ukrgazbank and Bank Kyiv were all nationalized and recapitalized by the government last year without the participation of private investors, while Ukrprombank was liquidated.

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