Pravex Bank Settles Loan with Merrill Lynch

On April 11, Pravex Bank completed the repayment of a $30 million loan from Merrill Lynch which had been granted on April 2007. The bank’s press-service reported the news.

“By successfully completing such a big deal, our bank has demonstrated the rich opportunities available for international lenders who are willing to invest in the Ukrainian financial sector. For Ukrainian banks, it’s further proof that international loans can be drawn successfully, even amid a raging international crisis,” said Stepan Chernovetsky, Pravex Bank supervisory committee chairman.

UNIAN reference: AKB Pravex-Bank was established in 1992 by Leonid Chernovetsky, a former member of parliament and the mayor of Kyiv since April 2006.

As of March 2008, the bank had 557 branch offices.

As of Jan. 1, 2008, the bank’s assets totaled 6.08 billion hryvnias, compared to liabilities of 5.35 billion hryvnias, and its owned capital totaled 724.82 million hryvnias. Pravex-Bank’s authorized capital stood at 371.50 million hryvnias. The bank’s net profit in 2007 was 24.4 million hryvnias.

As of Jan. 1, 2008, Pravex-Bank’s main shareholders were TZOV Pravex-Brock (direct participation 10.68 percent; indirect participation 2.32 percent); VAT Pravex-Strakhuvannya (direct participation 2.32 percent; indirect participation 10.68 percent); Leonid Chernovetsky (direct participation 7 percent; indirect participation 85.14 percent); Stepan Chernovetsky – Leonid Chernovetsky’s son and the head of the bank’s supervisory board (direct participation 61.43 percent; indirect participation 21.66 percent); and Khrystyna Chernovetska – Leonid Chernovetsky’s daughter (direct participation 7 percent; indirect participation 68.43 percent).

In February, bank’s shareholders declared its intention to sell the bank to Italian-based Intesa Sanpaolo for 750 million dollars.