Dnepropetrovsk, Ukraine, November,
9, 2010—IFC, a member of the World Bank Group, has partnered with
VAB Bank to help small and medium businesses in Ukraine increase efficiency
by improving their ability to manage risk and reduce operational costs.
This work is part of IFC’s larger effort to help facilitate a post-crisis
recovery in Ukraine.
In September 2009, VAB joined IFC’s
Crisis Response Advisory Program in Europe and Central Asia. Now, IFC,
with support from the Swiss Confederation, is expanding the advisory program
to include VAB’s SME clients. To date, IFC has trained 25 VAB corporate
clients on best practices business strategy development. In the next six
months IFC and VAB plan to deliver nine workshops in the regions of Dnipropetrovsk,
Zaporizhzhia and Odessa to train approximately 200 SME representatives.
“IFC’s support is significant because
of their deep expertise in the crisis mitigation and risk management improvement,
in Ukraine and globally. We have a common goal to expand access to finance
for small and medium enterprises in order to help them improve operations,”
said Oleksiy Salivon, VAB Bank Deputy CEO, Head of the Corporate Business
Department of the bank. .
“Following the financial crisis, well-structured
businesses have an advantage in today’s marketplace. That’s why we cooperate
with VAB bank to contribute to build local capacity and improve efficiency
of the Ukrainian market,” said Olena Prokopovych, Ukraine Project Team
Leader of IFC’s Crisis Response Project.
IFC’s Crisis Response Advisory Program
in Europe and Central Asia was launched in 2009 in partnership with the
Swiss Confederation. The program has delivered training to over 1,000 senior
and middle-level banking professionals and businesses, disseminating good
practice on risk management, cost reduction, debt restructuring.
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. In a time of
global economic uncertainty, our new investments climbed to a record $18
billion in fiscal 2010. For more information, visit www.ifc.org.
About VAB bank
VAB bank has been active on the country’s
financial market since 1992. According to the National Bank of Ukraine,
it belongs to the group of large financial institutions. Its regional network
is represented by 150 branches throughout Ukraine. The major international
company TBIF Financial Services B.V. (Amsterdam, the Netherlands) is a
VAB Bank majority shareholder. As of July 1, 2010 the bank’s regulatory
capital amounted to UAH 888.7 million and the size of its net assets was
UAH 7.1 billion. For more information, visit www.vab.ua