Business news from Ukraine

TASCOMBANK, RAIFFEISEN BANK AVAL JOIN AFFORDABLE LOANS 5-7-9% PROGRAM – REGULATOR

TAScombank and Raiffeisen Bank Aval (both are located in Kyiv) signed an agreement with the Entrepreneurship Development Fund on Thursday, May 14, on participation in the Affordable Loans 5-7-9% government program to support small and medium-sized businesses, Director of the Entrepreneurship Development Fund Ruslan Hashev has said.
“Today we sign agreement with two new banks. These are TAScombank under 5-7-9% rates and Raiffeisen Bank Aval as participants,” he said during a roundtable conference of the Financial club on Thursday.
Hashev said that as of May 14, due to frequent refusals from banks, just 452 loans were issued under the Affordable Loans 5-7-9% program. The main reasons for the refusals were the non-compliance of the borrowers with the criteria of the program or the requirements of banks, as well as the previous ban on combining different types of support.

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TASCOMBANK POSTS 19.2% RISE IN NET PROFIT

The net profit of TAScombank in January-September 2019 amounted to UAH 327.462 million, which is 19.2% more than for the same period in 2018 (UAH 274.662 million), the bank reported in its quarterly statements.
According to the report posted on the bank’s website, its net profit for July-September 2019 amounted to UAH 204.185 million, which is 1.9 times more than in the third quarter of 2018.
Net interest income for the nine months increased by 28.1% compared to the corresponding period of 2018, to UAH 993.742 million.
The bank’s assets increased by 2.6%, to UAH 18.170 billion, in particular loans to customers by 0.5%, to UAH 12.468 billion.
The bank’s liabilities since the beginning of the year have grown by 0.8%, to UAH 15.714 billion.
The bank’s net worth for this period increased by 15.8%, to UAH 2.457 billion. Charter capital remained at the level of UAH 1.153 billion.
According to the NBU, as of January 1, 2019 the main owner of TAScombank is Sergiy Tigipko (99.93066% of the shares).
TAScombank ranked 17th among 76 operating banks as of July 1, 2019 in terms of total assets (UAH 19.062 billion), according to the National Bank of Ukraine.

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NBU APPROVES VS BANK AND TASCOMBANK MERGER

The National Bank of Ukraine (NBU) has approved VS Bank (Lviv) merger with TAScombank (Kyiv) under a simplified procedure, VS Bank reported on its website.
“On July 11, 2018, VS Bank received the NBU’s permission for reorganization via the merger of VS Bank with TAScombank under the simplified procedure,” reads the report.
The merger will be conducted in line with the reorganization plan approved at the general meeting of shareholders of each bank and a merger agreement. TAScombank will become the legal successor of VS Bank’s rights and obligations.
TAS Group was founded in 1998. It has assets in the financial and industrial sectors, agriculture, real estate, pharmaceuticals, and venture projects. The financial sector of the group includes TAScombank, Universal Bank, VS Bank, two insurance companies and several other organizations. The founder and the main shareholder of the group is Sergiy Tigipko.
According to the NBU, as of January 1, 2018 the major owner of TAScombank was Sergiy Tigipko, who owned 99.86851% of securities.
Sberbank sold VS Bank as part of the implementation of its strategy to leave the Ukrainian banking market.

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