NBU approved purchase of domestic bank by two Chinese citizens

NBU approved purchase of domestic bank by two Chinese citizens

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NBU approved purchase of domestic bank by two Chinese citizens

  • Ukrainian Bank for Reconstruction and Development (UBRD) got new owners

The National Bank of Ukraine endorsed a purchase of 99.9% of the shares of the former state-owned Ukrainian Bank for Reconstruction and Development (UBRD) by two Chinese citizens.

The buyers conducted the transaction through a group of companies BOSE (Hong Kong) Co. Ltd. (Ukraine), BOCE (Hong Kong) Co. Limited (Hong Kong), Bao Shi (Tianjin) e-commerce Co. Ltd. (China), Tianjin Bohai Commodity Exchange Co., Ltd. (China), Horgos Boxu Equity Investment Limited Partnership (China).

In November 2016, the State Property Fund announced the winner of the privatization of the UBRD, the only bidder, BOCE. It acquired 99.9% of the bank's shares for UAH 83mln (USD 3mln)

The buyer took obligation to bring the authorized capital of the financial institution into compliance with the requirements of the Ukrainian banking law.  It was assumed that before July 11, 2017 the new owners would increase the regulatory capital of the UBRD to UAH 200mln. However, these requirements were not met.

After that the currency board of Ukraine granted preliminary consent to the capitalization of the bank under a simplified procedure of up to UAH 244mln via Bose (Hong Kong) Co. Limited (Ukraine).

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