The Nordic Environment Finance Corporation (NEFCO) has become a new shareholder of Bank Lviv, which operates mainly in the western region of Ukraine, with a 13.94% stake in the charter capital.
“With this investment, Bank Lviv continues to be a 100% foreign-owned bank. The largest shareholders are the Swiss responsAbility (48.56%) and Margeir Petursson (Iceland, 37.47%).
“We are happy to welcome NEFCO to Bank Lviv as a shareholder. Besides the investment, NEFCO will help strengthen Bank Lviv’s focus on sustainable environmental and social finance. Our international shareholders believe in Ukraine and seek a positive impact through direct investments in the bank’s capital. I am certain that NEFCO’s experience and expertise in green financing will support Bank Lviv’s development as a modern and sustainable bank,” Ashot Abrahamyan, the chairperson of the Bank Lviv management board, said.
“Bank Lviv’s strategy, our previous cooperation and the engagement and ownership of other professional impact investors encouraged us to invest in the bank. NEFCO and Bank Lviv share the same goal of accelerating the green transition and we believe that our participation will help the bank achieve its goals of sustainable and responsible banking. Bank Lviv is close to its customers, provides good service and aims to promote sustainable businesses practices and make a positive impact on the economy. The bank’s sustainable growth potential motivates us, and we are looking forward to continuing our cooperation with the Bank Lviv team,” Thor Thorsteinsson, the Vice President for Nordic SMEs at NEFCO, said.
“Bank Lviv is one of the fastest growing banks in Western Ukraine, and the leading micro and SME lender in the region. During last three years, the bank’s loans increased by 45% and deposits by 30% annually. One of the top 30 banks in Ukraine, Bank Lviv operates through 19 branches in Western Ukraine and Kyiv,” the report says.
“NEFCO, the Nordic Green Bank, is an international financial institution that finances the initial scale-up of Nordic green solutions on global markets. Founded in 1990 by the five Nordic countries, NEFCO has already financed and implemented over 1,500 projects in energy efficiency, renewable energy, clean water and sanitation, waste management, and cleaner industrial processes, among others. We serve the interests of our owners, Denmark, Finland, Iceland, Norway and Sweden, and work with concrete actions to accelerate the green transition,” according to the document.
