Chinese BOCE buys out Ukrainian Bank for Reconstruction and Development

Bohai Commodity Exchange Co. was the only willing party participating in the auction organized by State Guarantee Fund for the Ukrainian Bank of Reconstruction and Development. BOCE was founded in 2009 by Chinese citizens, several state owned companies and the municipality of Tianjin. BOCE is the laregest spot commodity exchange in China. The annual turnover of the exchange stands at USD 1trln. The major requirement for the new shareholder was to increase the charter capital from UAH 2.5mln to UAH 120mln in order to meet the requirements of the National Bank of Ukraine (NBU). State Property Fund expects the currency board to facilitate the Chinese investors and provide the necessary permits for the Chinese investors to gain control of the bank to start banking operations. We are glad to take part in the development of the Ukrainian financial market uniting international standards with Ukrainian traditions, BOCE Board Chairman Yan Dongsheng said.