Kyiv, Ukraine, August 27, 2008—IFC,
a member of the World Bank Group, has announced a new stage of partnership
with OJSC Swedbank, a leading commercial bank in Ukraine. IFC Executive
Vice President and CEO Lars Thunell has signed a loan agreement with the
bank for on-lending to small and medium enterprises and residential mortgage
IFC is providing a total of $70 million of loans to Swedbank and Swedbank
Invest for its own account. IFC will also play a critical role in mobilizing
parallel and syndicated loans of approximately $69 million in order to
complete the financing package to the bank.
This is one of IFC’s largest investments in Ukraine’s financial sector
and IFC’s first syndication for a Ukrainian financial institution. It
will support expansion of credit to small businesses and potential home
owners, with a focus on opportunities for people who live in areas outside
Kyiv and cannot access financing under current market conditions.
“Partnership with IFC is highly important for Ukraine’s banking sector,
since it creates opportunities for local financial institutions to grow
while raising operational standards. I am proud that we have opened a new
stage of cooperation between IFC and Ukrainian banks. Support of
the private sector and better access to finance remains priorities for
Swedbank. With IFC’s financing we will give a new impetus for small
and midsize businesses in Ukraine,” said Sergey Tigipko, CEO of OJSC Swedbank.
IFC has worked with Swedbank in Ukraine since 2005, providing advisory
services to help align the bank’s corporate governance with international
“We are very pleased to develop long-term cooperation with strong Ukrainian
financial institutions that make smaller businesses a priority. Our partnership
with Swedbank is an important example of how IFC can provide both investments
and advice to meet our clients’ evolving needs,” said Thunell.
IFC, a member of the World Bank Group, fosters sustainable economic growth
in developing countries by financing private sector investment, mobilizing
private capital in local and international financial markets, and providing
advisory and risk mitigation services to businesses and governments. IFC’s
vision is that people should have the opportunity to escape poverty and
improve their lives. In FY07, IFC committed $8.2 billion and mobilized
an additional $3.9 billion through syndications and structured finance
for 299 investments in 69 developing countries. IFC also provided advisory
services in 97 countries. For more information, visit www.ifc.org.
Ukraine became a shareholder and a member of IFC in 1993. As of June 30,
2008, IFC has invested around $988 million in 42 projects in the country.
IFC’s investment program is expanding rapidly, with a focus on Ukraine’s
financial, agribusiness, energy efficiency and cleaner production, and
infrastructure sectors. IFC also offers advisory programs in Ukraine
on leasing, agribusiness, mortgage finance, energy efficiency, and improving
the business environment.
For more information, visit www.ifc.org/ukraine.
About OJSC Swedbank
Founded in 1820, the Swedbank group is one of the leading banking groups
in northern Europe, with market capitalization of about $20 billion and
9 million retail clients and 600,000 corporate clients in Sweden and the
Baltic region. The group has operations in Copenhagen, Helsinki, Luxembourg,
New York, Oslo, Tokyo, Shanghai, Moscow, St. Petersburg, and Kaliningrad.
On July 9, 2007, it added Kyiv to the list.
OJSC Swedbank, a successor of TAS-Komerzbank, is one of the largest Ukrainian
banks, with a network of more than 180 offices throughout the country.
Its 3,000 employees serve 200,000 retail and 18,000 corporate clients.
It is the parent company of Swedbank Invest.
For more information, please visit www.swedbank.ua