Funding for IMB from IFC
Interfax, Ukraine Business
The International Finance Corporation (IFC), the private sector arm of the World Bank Group,has opened a 10-year, $7-million first housing finance credit line for the International Mortgage Bank (IMB), the IFC reported.
The facility will support the growth of IMB's mortgage portfolio and expand access to credit for Ukrainians seeking to purchase homes or make home improvements. The loan agreement was signed on March 28.
"This agreement with IFC is a landmark for IMB. We are also in discussions with IFC about other types of financing over the next six to nine months.
We believe the deal signed today is only the beginning of a fruitful partnership," the IFC press release quotes Todd Esposito,Chief Financial Officer of IMB Group,as saying.
Yuriy Blashchuk,IMB's Chief Executive Officer,said that the funding is the second deal that IMB has signed this year,bringing the total long-term mortgage funding to about $50 million.
"It will enable us to continue to be a leader in the Ukrainian marketplace," he said. "We look forward to working with IFC over the next several years."
Jerome Sooklal, Director of IFC's Central and Eastern Europe Department said,"Supporting housing financing in Ukraine is a strategic area for IFC. By financing a growing bank known for best practices, affordable financing, and outstanding service, we are helping build the mortgage market and helping Ukrainians purchase homes."
Ukraine became a shareholder and a member of IFC in 1993. As of March 20,2007, IFC invested around $705 million in 32 projects.
The IFC's investment program in Ukraine is expanding rapidly, with a focus on the financial, agribusiness, construction materials, retail trade and services, energy and infrastructure sectors.
The IFC has also been conducting an extensive advisory program since 1992,which initially focused on the privatization of small businesses, land, and idle construction sites.
Current donor-funded programs offer advice on corporate governance, leasing, and agribusiness. The IFC also seeks to improve the business environment and promote growth of small and medium enterprises.
IMB Group Public Ltd. is Ukraine's leading consumer lending holding, offering mortgages and point-of-sale loans, and taking deposits.
The group owns a 100% stake in International Mortgage Bank and in Family Credit, a consumer lending intermediary. IMB Group is backed by Horizon Capital, Ukraine's leading private equity fund manager.
IMB was founded in 2004. The bank's overall assets in 2006 grew by 4.3 times to UAH 374.379 million,while its aggregate liabilities increased by 5.9 times to UAH 356.92 million. The bank's losses in 2006 ran into UAH 9.263 million, whereas in 2005 they were UAH 10.445 million.
The bank ranked 95th among 169 operating banks in terms of overall assets (UAH 374 million) by January 2007,according to the National Bank of Ukraine.
Yuriy Blashchuk,IMB's Chief Executive Officer,said that the funding is the second deal that IMB has signed this year,bringing the total long-term mortgage funding to about $50 million.
"It will enable us to continue to be a leader in the Ukrainian marketplace," he said. "We look forward to working with IFC over the next several years."
Jerome Sooklal, Director of IFC's Central and Eastern Europe Department said,"Supporting housing financing in Ukraine is a strategic area for IFC. By financing a growing bank known for best practices, affordable financing, and outstanding service, we are helping build the mortgage market and helping Ukrainians purchase homes."
Ukraine became a shareholder and a member of IFC in 1993. As of March 20,2007, IFC invested around $705 million in 32 projects.
The IFC's investment program in Ukraine is expanding rapidly, with a focus on the financial, agribusiness, construc
The IFC has also been conducting an extensive advisory program since 1992,which initially focused on the privatization of small businesses, land, and idle construction sites.
Current donor-funded programs offer advice on corporate governance, leasing, and agribusiness. The IFC also seeks to improve the business environment and promote growth of small and medium enterprises.
IMB Group Public Ltd. is Ukraine's leading consumer lending holding, offering mortgages and point-of-sale loans, and taking deposits.
The group owns a 100% stake in International Mortgage Bank and in Family Credit, a consumer lending intermediary. IMB Group is backed by Horizon Capital, Ukraine's leading private equity fund manager.
IMB was founded in 2004. The bank's overall assets in 2006 grew by 4.3 times to UAH 374.379 million,while its aggregate liabilities increased by 5.9 times to UAH 356.92 million. The bank's losses in 2006 ran into UAH 9.263 million, whereas in 2005 they were UAH 10.445 million.
The bank ranked 95th among 169 operating banks in terms of overall assets (UAH 374 million) by January 2007,according to the National Bank of Ukraine.
