The state-owned Oschadbank (Kyiv) has almost doubled the credit limit available to OKKO Group, increasing it from UAH 1.5 billion to UAH 2.85 billion, which is provided for a period of two years.
“Currently, OKKO Group’s loan portfolio at Oschadbank is the largest among all their financial partners. Oschadbank’s liquidity level allows us to continue expanding this portfolio in line with our partner’s ambitious plans,” said Yuriy Katsion, deputy chairman of the board of Oschadbank responsible for corporate business, as quoted by the financial institution’s press service.
The increase in the credit limit will enable the group to manage its operating expenses more efficiently, in particular to maintain the necessary level of fuel reserves, which is important given the market dynamics and plans to expand the OKKO network of gas stations, which currently has 410 facilities, according to the press release.
It is noted that Oschadbank has been cooperating with OKKO Group companies since 2016, but the partnership has significantly strengthened since the start of the full-scale war. In March 2022, during the fuel crisis, the financial institution provided one of the group’s companies with an overdraft of UAH 500 million, thereby enabling it to import additional fuel. Since then, the volume of working capital financing has increased to UAH 1.5 billion.
OKKO Group is a Ukrainian holding company that unites businesses in the fields of trade, construction, agriculture, energy, tourism, and services. The group is based on the OKKO filling station network, which also includes catering establishments, fuel quality control laboratories, shops at filling stations, wholesale sales of petroleum products, and related services.
As reported, in the first quarter of 2025, Oschadbank signed almost three times more loan agreements with corporate clients than in the same period of 2024. Last year, the corporate segment’s loan portfolio grew by UAH 9.3 billion compared to 2023. About 34% of the agreements concluded in 2024 were aimed at financing investment projects.
The State of Serbia has signed an agreement with the European Bank for Reconstruction and Development (EBRD) to receive a loan of €50 million. The funds will be used to modernize centralized heating systems and improve their energy efficiency in various cities across the country.
The project aims to reduce energy consumption and harmful emissions, as well as operating costs for heat supply companies. The authorities emphasize that both institutions and ordinary consumers will feel the benefits.
As noted by Finance Minister Sinisa Mali, the signed agreement confirms Serbia’s strong commitment to the “green transition.” According to him, the project involves the reconstruction of heating substations, replacement of pipelines, installation of automation systems, and in some cases, the transition to environmentally friendly energy sources such as biomass or solar collectors.
Minister of Mining and Energy Dubravka Djedovic Handanovic added that the implementation of the project will ensure stable and high-quality heat supply in winter and will also help reduce dependence on imported energy sources.
The project will be part of a broader program to modernize municipal utilities, which the EBRD has already supported in the past. According to preliminary estimates, the modernization will reduce energy consumption by 25-30% in the upgraded systems.
EBRD representatives said they consider Serbia a key partner in the Balkans and will continue to finance sustainable projects in the energy, transport, and infrastructure sectors.
Source: https://t.me/
The state-owned Ukrgasbank (Kyiv) has granted Kryvyi Rih a seven-year loan of UAH 500 million to implement an energy conservation program in the city.
According to a statement posted on the bank’s website on Wednesday, the city will modernize its infrastructure, reduce heat loss, and improve energy efficiency, which should lower heating costs for residents.
According to the first deputy mayor of Kryvyi Rih, Yevhen Udod, a joint project will be implemented in the city, which provides for the modernization of the heating networks of the Kryvorizhteplomerezha municipal enterprise, the replacement of windows in the entrances of 199 residential buildings, and the reconstruction of premises for a new X-ray department at Hospital No. 1.
As specified to Interfax-Ukraine, the loan will be issued for a term of seven years, but other terms of the loan have not been disclosed.
According to the National Bank of Ukraine, in April 2025, Ukrgasbank ranked fifth (UAH 220.0 billion or 5.9%) among 60 banks operating in the country in terms of total assets.
As reported, in the first quarter of this year, Ukrgasbank issued two loans to Kryvyi Rih for a total amount of UAH 105.5 million for a term of seven years with a grace period of 12 months. The interest rate on the loan of UAH 87.6 million is 14.5% per annum in the first year and, from the second year, a variable UIRD 12M +3% with annual review, but not exceeding 23%. The second loan of UAH 17.9 million is issued at an interest rate of 16% per annum for the first year, which from the second year is UIRD 12M + 3.62% with annual review, but also not exceeding 23%. It was explained that 3.62% is 16% minus the current UIRD 12M at 12.38%.
Ukrproduct Group, a major Ukrainian producer of packaged butter and processed cheese, reported a net loss of GBP 2.04 million for 2024, compared with a net profit of GBP 0.39 million in 2023.
“Financial expenses in 2024 increased by 253% compared to the previous year to GBP 2.8 million, which was caused by significant accruals of commission for deferral on a loan from the EBRD, applied retrospectively for the period from October 2016 to December 2024,” the company explained in its annual report on the London Stock Exchange.
According to the report, in December 2024, the European Bank for Reconstruction and Development (EBRD) decided to exercise its right under the loan agreement and charged a commission of GBP 2.0 million, increasing the company’s liability to the bank to GBP 8.1 million.
The group’s gross profit for the past year increased by 3.9% to GBP7.12 million, while operating profit fell by 36.6% to GBP1.08 million, and EBITDA by 29% to GBP1.7 million.
As for Ukrproduct’s revenue, it grew by 13% in hryvnia over the past year, while in British pounds sterling, the increase was only 0.2% to GBP37.08 million.
“The processed cheese segment generated revenue of GBP 21.2 million in 2024, down 15% from the previous year. This was largely due to a reduction in price promotions at the national level due to rapid cost increases caused by sharp fluctuations in the dairy raw materials market and the risk of loss-making sales,” the company explained.
According to the report, the butter segment achieved revenue of GBP 5.2 million in 2024, compared to GBP 3.1 million in the previous year. This 70% growth was primarily driven by increased production following a period of slight stagnation, with the market becoming receptive to higher supply.
Sales of spreads fell by 12% to GBP 4.0 million, reflecting increased competition in the market and changing consumer preferences.
Ukrproduct recalled that in the fourth quarter of 2023, it expanded its range of products with a longer shelf life to include a new category of sandwich spreads, which showed profitable growth: sales in 2024 amounted to GBP 1.2 million.
Sales of skimmed milk powder increased by 8% last year to GBP 1.4 million, but declined by 23% in volume terms. It is noted that prices for skimmed milk powder had only limited upside potential in 2024, and the group minimized the release of this product for sale in favor of using semi-finished milk protein as an ingredient in the production of processed cheese.
Sales of kvass and other beverages increased by 31% year-on-year to GBP 2.3 million in 2024, thanks to positive kombucha sales dynamics, supported by new product launches and strong brand positioning.
Ukrproduct noted that administrative and commercial expenses in 2024 increased by 4% year-on-year to GBP4.2 million.
This increase was mainly due to higher payroll and related expenses, as well as higher insurance and consulting expenses. Other operating expenses increased to GBP 1.8 million in 2024 compared to GBP 1.1 million in the previous year.
In light of the expected deterioration in the business outlook and increased future risks, the group recognized a net impairment loss of GBP 1.1 million on financial assets, reflecting provisions made for receivables and prepayments to suppliers. In addition, this line includes a write-off of goods in the amount of GBP 0.1 million and a provision of GBP 0.4 million for blocked VAT invoices.
Ukrproduct’s net assets as of December 31, 2024, amounted to GBP 2.0 million, down from GBP 4.5 million a year earlier, while cash balances decreased to GBP 0.1 million.
According to the agricultural holding, it has been in dialogue with the EBRD since 2021 regarding the potential restructuring of the loan and accrued interest and fees, and discussions are ongoing. At present, the EBRD has not taken any action to accelerate the repayment of the accumulated loan.
Assessing its prospects for 2025, Ukrproduct assumes that the business environment will remain unstable due to the ongoing war in Ukraine and financial pressure.
“The Group will continue to pursue a prudent capital allocation policy, prioritize liquidity preservation, seek new financing opportunities, and focus on meeting its existing commitments.
EBRD, LOAN, LOSS, UKRPRODUCT
The state-owned Oschadbank (Kyiv) has provided the Lviv City Council with a second loan of UAH 668 million for a term of five years to improve energy efficiency and municipal facilities.
“Oschadbank has signed another loan agreement with the Lviv City Council—the second in the last six months—for UAH 668 million,” Oschadbank CEO Serhiy Naumov said on Telegram.
Other terms of the loan have not been disclosed.
The total amount of loans provided by Oschadbank to the Lviv City Council under signed agreements has already exceeded UAH 1.5 billion, the bank said.
It is noted that the funds will be used to develop strategic urban infrastructure, in particular roads and housing and communal services, and one of the main areas of use will be improving energy efficiency.
“The money will go to a biogas plant with combined production of electricity and heat, an electrical substation, a boiler room with connection to a cogeneration unit, and investments in the company Lvivteploenergo,” Naumov added.
As reported, Oschadbank’s share in energy lending in the first quarter of 2025 exceeded 31%. During 2024-2025, contracts worth over EUR 85 million were signed in the corporate business segment with its participation, in particular for projects to develop energy generation and storage. These include the first case on the market of bank lending for a project to install 30 MW of energy storage systems to provide ancillary services, which was implemented by KNESS as part of a tender by NEC Ukrenergo.
State-owned Oschadbank and Ukrgasbank, together with PUMB, issued a loan of UAH 2.8 billion to a defense industry enterprise in the fourth quarter of 2024 under the Program for Strengthening the State’s Defense Capabilities and Meeting the Urgent Needs of the Armed Forces of Ukraine, according to information on the website of the Ministry of Finance.
As clarified to the Interfax-Ukraine news agency by Oschadbank, the bank acted as the organizer of this consortium loan, which was the first loan to the domestic defense industry.
“As the coordinating bank for this agreement, Oschadbank has set itself the main task of creating a consortium not so much to diversify risks as to set a precedent for involving banks that do not have access to state secrets in the financing of defense industry enterprises,” commented Yuriy Katsion, deputy chairman of the board of Oschadbank, responsible for corporate business.
The shares of the participants in the consortium loan are not disclosed.
As reported, since the start of the full-scale war, Oschadbank has concluded loan agreements to support the defense industry worth over UAH 17.1 billion.
According to the Ministry of Finance, in 2024, the state-owned Oschadbank, Ukreximbank, Ukrgasbank, and PUMB provided 11 loans under state guarantees to defense industry enterprises under the above-mentioned program in the amount of UAH 21 billion. Excluding the consortium, Oschadbank issued six loans worth UAH 9.86 billion, and Ukreximbank issued four loans worth UAH 8.25 billion.
A year earlier, Oschadbank provided a loan worth UAH 6.09 billion under this program, and Ukreximbank provided a loan worth UAH 5.98 billion.
