OREANDA-NEWS. On 02 March 2009 was announced, that the NBU appointed the curator in UGZB< UGZB UZ U/R > to control the use of its refinancing. The curator together with the bank's management will need to provide the bank's performance improvement plan within 7 days. Curator's name, as well as the refinancing amount, was not disclosed.

Millennium Capital sees the news to be currently NEUTRAL for UGZB, which may turn out either positive or negative after 7 days of joint activity of the curator and UGZB’s management. As Millennium Capital wrote before, besides the planned charter fund increase (UAH 98mn) UGZB needs around UAH 100mn to increase its capitalization. If this amount is provided by the NBU and the deposits’ outflow is stopped, UGZB has chances to recover its activity. Otherwise, Millennium Capital expects the WB as well as the EBRD to support the bank, since it plays an important role in the banking system (1.8% of total deposits in 2008).

Millennium Capital is an integrated financial services provider. Established in 2000 by a group of professionals with solid background in securities and corporate finance, Millennium Capital is now one of the major investment banking institutions.