EBRD will provide € 50 million to Oschadbank

ЕБРР даст Ощадбанку 50 миллионов евро

The money will be allocated to support preparation for privatization of the Bank.

The European Bank for reconstruction and development (EBRD) will allocate Oschadbank credit line of € 50 million. A corresponding Memorandum was signed on Friday, November 25, the press service of Oschadbank.

Oschadbank under the terms of the Memorandum will receive a comprehensive package of technical assistance from the EBRD, which in the first phase will focus on the development of lending to micro, small and medium business (MSMB), centralization and optimization of branch network, risk management and compliance.

As noted in the press service of the Ministry of Finance, one of the key elements of the reform of state-owned banks is the partial privatisation of Oschadbank and Ukreximbank to mid-2018, selling a 20% stake, the state will retain a controlling stake of 80%, and it will get more transparent and efficient management.

We will remind, in October Oschadbank fined for manipulations c bonds domestic Treasury bonds.