OREANDA-NEWS. October 21, 2009. MEGABANK, PJSC sold 30% of its shares to two new shareholders – European bank for reconstruction and development and German state bank KfW Entwicklungsbank. Investors plan to lend to small and medium businesses, however complain about the absence of hryvnia resources, necessary for the clients. In conditions of tight currency lending and absence of solvent borrowers it will be difficult to increase the loan portfolio, bankers say, reported the press-centre of MEGABANK. 

MEGABANK,PJSC chairman of supervisory board Viktor Subbotin announced about completion of bank’s additional shares issue and entering into its capital two new investors – EBRD and KfW Entwicklungsbank. They have bought the additional issue in equal parts, getting by 15% of MEGABANK’s shares.

"As for the results of additional issue the bank’s authorized capital was increased by UAH 150 million, up to UAH 500 million. The money have come to the bank, the results of additional issue are approved October 16", – informed Mr. Subbotin to UNIAN agency. They told us in the bank that 49,98% of its shares has consolidated the company "М-Invest", which formerly owned 44,59% (indirectly 5,36% more). Indirect share of Viktor Subbotin before additional issue was 60,54%. Yesterday we could not get in touch with him. 

EBRD has commenced elaboration of development strategy of the second bank asset in Ukraine (owns 20% of ProCredit Bank). "MEGABANK, PJSC has a product on municipal payment, which we plan to push ahead. There also will be target programs, aimed at resuming of lending to small and medium businesses,– EBRD’s press-attach? Anton Usov told Ъ.– The major problem is NBU’s initiative on limitation of currency loans. EBRD has never had hryvnia resources, and long lasting negotiation with the regulator that it should permit loans in hryvnia led to nothing. Although in many countries we grant loans in national currencies".

MEGABANK, PJSC has become the first bank since the inception of crisis, which EBRD and KfW decided to sustain by capital investments. Other credit organizations – Ukr Sibbank, Ukrsotsbank, Ukreximbank and bank "Forum" – have received subordinated loans from EBRD. KfW also promised to sustain in the form of subordinated loans or entering into the capital to MEGABANK, PJSC, ProCredit bank, Ukreximbank and bank "Pivdenniy" for the total amount of EURO 30 million.

The bankers say that the absence at new shareholders hryvnia resources is a serious problem, since for the issue of currency loan it is very difficult to find solvent borrower with currency receipts. In the bank "Business Standard" acknowledge that they turn down 60% application for corporate lending. "We cut down all investment projects, and grant loans only to those whose business is already working and who is ready to present a big initial installment ",– said chairman of the board of the bank "Business Standard" Boris Shlyahetko. And the clients themselves are reluctant to take new loans, moreover currency ones, because of high currency risks. "It is very difficult to lend to small and medium business, we, for instance, lend to agrosector, but they themselves take a pause,– said the first deputy chairman of the board of ProCredit bank Victor Ponomarenko.– Hryvnia is an expensive resource both for banks and clients, and the small business seldom has currency receipts".