OREANDA-NEWS. September 26, 2008. The European Bank for Reconstruction and Development (EBRD) has extended a loan of USD25 million to Bank Renaissance Capital LLC (Ukraine) to continue the bank’s important work providing consumer credit to customers in Ukraine, reported the press-centre of EBRD.

Bank Renaissance Capital LLC (Ukraine), the Ukrainian bank of Renaissance Capital Consumer Finance Group, will use the proceeds of the loan for on-lending to individuals in Ukraine in the form of general purpose loans, sales finance and credit cards. The EBRD also intends to support all initiatives that go in the sense of improving the consumer finance industry's standards and is happy to provide a stronger institutional support to Bank Renaissance Capital, which has started a certain number of steps going in this direction.

The life of the loan is 39 months, and repayment will occur in eight equal quarterly installments, starting 18 months after disbursement. Other terms of the loan were not disclosed.

“We are delighted that the EBRD has chosen to partner with us to make consumer loans more widely available in Ukraine. The EBRD is respected in Ukraine and throughout Central and Eastern Europe for its work nurturing a new private sector enterprises.” said Marek Forysiak, CEO of Renaissance Capital Consumer Finance Group.

“The EBRD aims to improve operating standards—including transparency and disclosure standards—in the Ukrainian consumer finance sector and raise consumer awareness. We believe that Bank Renaissance Capital LLC shares these goals,” said Allan Popoff EBRD Deputy Director for Financial Institutions.

*Renaissance Consumer Finance Group  comprises CB Renaissance Capital OOO (trade mark Renaissance Credit) in Russia and Bank Renaissance Capital LLC in Ukraine. The Group of companies launched its first consumer loan in 2004 in Russia and in 2006 in Ukraine. Renaissance Consumer Finance Group specializes in express lending, the Bank’s services include installment loans, general-purpose loans, auto loans and credit cards. It has operations in more than 60 Russian regions and all regional centers of Ukraine.

Renaissance Group is an independent group of investment banking, asset and wealth management, merchant banking, and consumer finance companies specializing in high-opportunity emerging markets. Renaissance Group operates in Russia, Ukraine, Kazakhstan, the United Kingdom, the United States of America, Cyprus and Sub-Saharan Africa. www.renaissancegroup.com

The European Bank for Reconstruction and Development is the biggest financial investor in Ukraine. As of July 2008, it had committed over EUR3.74 billion through 172 projects.