OREANDA-NEWS. On 26 February 2009 was announced, that the National Bank of Ukraine on 16 February, 2009 registered the increase of the capital of Raiffeisen Bank Aval by UAH 850 million.

The bank’s capital was increased due to the attraction of a subordinated loan from the European Bank for Reconstruction and Development (EBRD) in December 2008 for the amount of USD 75 million for a 10-year tenor. In addition, as a result of the prolongation of two subordinated loan agreements with the International Financial Corporation (IFC), the capital of Raiffeisen Bank Aval was calculated with the account of these loans totaled USD 70 million. The IFC loan will terminate in December 2015.

"Attraction of the funds from EBRD and IFC and the increase of the bank’s own capital by UAH 1.4 billion at the expense of our shareholders in the end of 2008 helped Raiffeisen Bank Aval to maintain its positions as one of the most capitalized banks on the market. We have succeeded in strengthening the bank’s financial stability, once and again demonstrating to our clients and partners our reliability and intention to continue business development even in today’s environment", stated Volodymyr Lavrenchuk, CEO of Raiffeisen Bank Aval.

Raiffeisen Bank Aval, founded in March 1992, is one of the largest Ukrainian banks in terms of a number of core parameters. For example, the bank’s total assets amounted to above UAH 52.5 billion as at 1 October 2008, up 18 percent on the full year 2007, making it the number two on the local market (all the data are given according to the Ukrainian national accounting standards).

Raiffeisen Bank Aval is a subsidiary bank of Raiffeisen International Bank-Holding AG. Raiffeisen International operates one of the largest banking networks in Central and Eastern Europe. 17 markets in Europe's growth region are covered by subsidiary banks, leasing companies and a range of other financial service providers. Over 14 million customers are serviced in more than 3,100 business outlets.