FRMFCTR : Bank Forum Commerzbank Group receives a $10 million trade facility from IFC
05/27/2011| 11:10pm US/Eastern
Today, on May 27, 2011, Bank Forum Commerzbank Group signed an agreement with IFC, a member of the World Bank Group, to receive a $10 million trade facility aimed to grow the bank's trade finance operations and expand access to finance for exporters.
IFC’s Global Trade Finance Program promotes trade with emerging markets worldwide by supporting flows of goods and services to and from developing countries. Since the program’s 2008 launch in Ukraine IFC has issued about $150 million in guarantees supporting export and import transactions in the country.
"We are pleased to join the program and initiate a relationship with IFC. We are aiming to grow our trade finance business in Ukraine and today’s agreement will be instrumental to do so," Vadym Berezovyk, Chairman of the Board of Bank Forum, said at a signing ceremony.
"Our partnership with Bank Forum is a good strategic fit for us and also a logical step in our continued efforts to support Ukraine’s post-crisis recovery," said Rufat Alimardabov, IFC’s country manager for Ukraine and Belarus. "IFC’s cooperation enables more local companies to reach new markets and further expand foreign trade, which is key for Ukraine’s export-led economy."
PJSC "BANK FORUM" was founded in 1994 and is one of the largest Ukrainian banks according to the National Bank of Ukraine. Its main shareholder which owns 94,52% of its shares if Commerzbank Auslandsbanken Holding AG. As of May 1, 2011, the bank’s registered statutory capital totals 5.9 bn UAH.
Commerzbank is a leading bank for private and corporate customers in Germany. With the segments Private Clients, Mittelstandsbank, Corporates and Markets, Central and Eastern Europe as well as Asset Based Finance, the Bank offers its customers an attractive product portfolio, and is a strong partner for the export-oriented SME sector in Germany and worldwide. With a future total of some 1,200 branches, Commerzbank has one of the densest networks of branches among German private banks. It has above 60 sites in more than 50 countries and serves approximately 14 million private clients as well as one million business and corporate clients worldwide. In 2010 it posted gross revenues of EUR 12.7 billion with some 59,000 employees.
Bank Forum Communication Service
Eugenia Smazhenna Zhenya.Smazhenna@forum.ua
Kateryna Svidnitska Kateryna.Svidnytska@forum.ua