Overdue loans to the bankrupt Ukrainian banks will be sold through the us site

Overdue loans to the bankrupt Ukrainian banks will be sold through U.S. trading platform First Financial Network (FFN) and The Debt Exchange (DebtX). They have already announced the launch of primary sales on behalf of the National Bank of Ukraine and Deposit guarantee Fund of individuals.

At the initial stage will be a pack of 52 loans totaling $ 170 million (UAH 4.6 bn). This is stated in the message FFN, writes UNIAN.

“Ukraine’s banking sector is in recession in 2014, more than 90 banks were liquidated, and the total amount of assets which are not executed credit obligations, is estimated at between 28-38 billion in connection with which an international financial company helping and supporting the Ukrainian government with these initiatives,” the message reads.

DebtX, on behalf of the DGF conducts a closed auction value of about 6.5 billion (240 million dollars) on loans obtained from the liquidation of several banks. Materials for due diligence (analysis of financial and economic activities of the enterprises before their purchase) will be available soon, and proposals will be in September.

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Recall that in March the DGF together with the NBU began a pilot project for the implementation of large pools of assets of insolvent banks that are pledged to the national Bank, involving the sale of consultants of American companies – subsidiaries of world leaders in the implementation of distressed asset companies DebtX (“Debex Ukraine”) and FFN (the”Post financial network in Ukraine”).

The Foundation estimates that the project will allow to reveal to the world the domestic market of distressed assets of interest to international investors and increase the efficiency of the sale of assets.

In the pilot project will involve the assets pledged to the NBU on earlier issued loans refinancing “VAB Bank”, “BROKBUSINESSBANK”, “Delta Bank”, “Bank”, “Kievan Rus”, “EUROGASBANK”, “Finance and Credit” and “Zlatobank”.

Under the terms of the project, finding buyers will be carried out both in Ukraine and abroad, and bidding will take place online through an electronic auction, the participants of which can become all interested investors, regardless of their location.

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TSN. 19:30

July 20, 20:45