Kreditprombank creditors to take shares in bank

Kreditprombank agreed with two dozen foreign creditors, including Cargill and the European Bank for Reconstruction and Development to convert USD 400 mln in debt into shares, daily Kommersant reported this morning. The transaction, which could be finalized by July, will be structured as an additional share issue; Kreditprombank shareholders, at a meeting yesterday, voted to increase the bank’s charter fund by UAH 488.3 mln to UAH 1.8 bln. Current shareholders are set to retain 51% of the bank. Kreditprombank’s largest shareholder is Cyprus businessman Papunidis Konstantinos, who currently controls 79.28% of the bank directly and via related structures vehicles. Kreditprombank was Ukraine’s #18 largest bank by assets as of January 1, according to statistics from the National Bank of Ukraine.