State-owned Ukreximbank reduces losses by 3.5 times in 1Q

Ukreximbank in the first quarter of 2016 reported UAH 1.357 billion losses, which is 3.5 times less than the losses in the same period last year.
As reported in the bank statements in the information disclosure system of the National Commission on Securities and Stock Market, its assets from the beginning of the year grew by 11.3% up to UAH 157.251 billion, liabilities – by 5.7% to UAH 152.609 billion.
The bank`s own capital in the end of 1Q amounted to UAH 4.641 billion, while in the beginning of the year, it was negative: UAH -3.127 billion.
UNIAN memo. Ukreximbank has been operating in the Ukrainian market since 1992, and is one of the largest financial institutions in terms of assets. 100% of shares belong to the state.
In January-September 2015, the bank reported UAH 8.330 billion losses. The annual financial report has not yet been published.
Within the framework of the strategy approved by the government for state-owned banks, the Ministry of Finance has announced a phased withdrawal from their capital. The privatization of Ukreximbank will begin in mid-2018, when the government plans to sell a 20% stake in the bank.
In the long term, the government will consider full privatization of the banks, with the decision on the volume and terms of the sale will be made by the Cabinet of Ministers by the end of 2020.
On January 27, the Cabinet decided to recapitalize Ukreximbank with additional UAH 9.32 billion – up to UAH 31 billion.

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