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"Pavlenko & Poberezhnyuk" - legal councel to "Ukrgasbank"
19.08.2009
Pavlenko & Poberezhnyuk, Law Group has announced about its legal assistance to the temporary administration in UkrGasBank on additional issue of bank’s securities for the main purpose of State acquisition. Associates of the Law Group conducted due diligence of areas connected with bank’s assets, rights and liabilities. At the current moment the Law Group works on the issues relating bank’s activity, in connection with its structure of internal management.
On 6 July 2009 the Cabinet of Ministers of Ukraine completed the process of UkrGasBank recapitalization by means of domestic governmental bonds amounting to UAH 3,1 billion. As a result of additional issue redemption, the State interest in an equity capital made 81,6%.
“The legal competence is the guarantee of a safe and stable development of the bank, either on the part of the bank-issuer, or on the part of the State. The additional issue of UkrGasBank securities stabilized the situation, in which the bank according to different predictions may place the leading position in recovery process of banking system of Ukraine in the period of financial crisis”, comments Oleksandra Pavlenko, attorney-at-law, partner with Pavlenko & Poberezhnyuk, Law Group.
About “UkrGasBank”:
OJSC “UkrGasBank” (successor of CJSC “Integasbank” and CJSB ”Khadzhibeybank”), registered in July 1993, according to NBU classification enters the group of the biggest Ukrainian banks. Bank assets as of 1 July 2009 made UAH 12,140 billion, credits and debts of the clients - UAH 9,059 billion, bank liabilities - UAH 10,767 billion, registered capital - UAH 700 million, private capital - UAH 1,373 billion. In the first quarter of 2009 the bank’s net profit made UAH 4,162 million, in 2008 - UAH 204 million. The first half of 2009 the bank losses made UAH 76 million compared with 2008 - UAH 64 million profit. As a result of UkrGasBank recapitalization through the State involvement the Ministry of Finance of Ukraine became a shareholder of 81,5789%. (According to UNIAN). On 18 August 2009 Oleksandr Morosov, former president of the board of Oschadbank of Ukraine (State Savings Bank of Ukraine) was appointed to a head of UkrGasBank.