ProCredit Bank in line to receive up to USD 8 mln from EBRD

ProCredit Bank Ukraine could receive up to USD 8 mln for recapitalization from the European Bank for Reconstruction and Development. The EBRD said yesterday it would consider the issue at a directors meeting on April 21. According to the EBRD release, in total, it is planned to increase the bank’s charter fund by USD 40 mln. Earlier, the bank announced that its shareholders are due to consider a UAH 38 mln charter fund increase to UAH 188 mln at their AGM on April 28. The EBRD holds a 20% stake in ProCredit Bank Ukraine, which was Ukraine’s #44 largest bank by assets, according to the National Bank of Ukraine as of Jan. 1, 2009.