OREANDA-NEWS. On 03 August 2009 the acting Finance Minister of Ukraine Ihor Umanskiy announced that the Cabinet of Ministers does not intend to recapitalize Ukrprombank and will transfer its deposit accounts of private persons to State Oshchadbank.

Millennium Capital considers the news to be negative, since the government was the lender of last resort for Ukrprombank. Meanwhile, Ukrprombank’s failure to redeem its obligations to other banks (UAH 2.1bn) may deteriorate their financial stability. Still, the situation is more favorable for bank’s retail clients.

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.