10 december 2008Ukreximbank partners EBRD in its first factoring transaction in UkraineJoint Stock Company the State Export-Import Bank of Ukraine (JSC Ukreximbank) became the first Ukrainian bank participating in the EBRD factoring deal under Trade Facilitation Programme (TFP) in Ukraine.
Factoring finance facility for total USD 10 million was signed earlier this year within the framework of the EBRD TFP. Main purpose of the facility is to settle sales by small and medium-sized producers, importers and traders across the country, allowing sellers to receive proceeds without delay.
The EBRD disbursement of USD 2 million to Ukreximbank under factoring finance facility is the first EBRD factoring loan in Ukraine.
Ukreximbank joined factoring market back in February 2006 and now is the key market player with the highest absolute growth of factoring portfolio. With over 30% of local market share, Ukrexim ranks 1st among Ukrainian banks in terms of factoring assets in national currency. Today Ukreximbank offers its corporate customers high-quality factoring services, representing non-pledged trade financing for deferred payment supply of goods and services. The factoring facility under the EBRD TFP is a good opportunity to support business confidence of small and medium companies in Ukraine.
Long-term and fruitful Ukrexim cooperation with international financial institutions enables to continuously facilitate economic activity of Ukrainian enterprises. Since joining the EBRD TFP in 2007, Ukreximbank has effectively utilized foreign trade financing facilities for EUR 35 million under the Programme.
In 2007, Trade & Forfaiting Review Magazine has named Ukrexim pre-export financing deal on behalf of Azovzagalmash (Ukraine) "Deal of the Year". This USD 18 million facility was secured by the Ukrexim Stand-By Letter of Credit in favour of Sumitomo Mitsui Banking Corporation Dubai as financing bank and partially guaranteed by the EBRD under TFP.
In the course of 2008 Annual Meeting of the Board of Governors of the EBRD in Kiev, Ukraine, the JSC Ukreximbank was awarded by EBRD for the Best Export Finance Transaction in 2007 effected within the framework of EBRD TFP.
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For any additional information you are welcome to contact:
Ms. Vera Posadska, Head of Macro Analysis and Investor Relations Department
E-mail: vposadska@hq.eximb.com
Tel: +38 044 247 38 76
Fax: +38 044 247 80 82
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