JSC "Oschadbank" and EBRD signed a mandate letter on the terms of future cooperation

On October 25, Oschadbank and the European Bank for Reconstruction and Development (EBRD) signed a mandate letter, backed by the Ministry of Finance of Ukraine, on terms of future cooperation and providing EBRD long-term financing in the form of a subordinated loan with the possibility of conversion into stocks of the Oschadbank up to EUR 100 million.

The signing took place with the participation of the Chairman of the Management Board of the JSC "Oschadbank" Sergii Naumov and EBRD Managing Director for Eastern Europe and the Caucasus Matteo Patrone.

This pre-privatisation engagement with the EBRD is aligned and complies with the JSC "Oschadbank" development strategy for 2021-2024 and the Principles of Strategic Reform of the Banking Sector, which provides for reducing the share of the state in the banking sector from 60% to 25% by 2025.

To date, the EBRD has invested over 15 billion euros in 505 projects in Ukraine aimed at reforms, strengthening of energy efficiency and energy security, support of agricultural and industrial projects, and small business.

Additional information

On October 12, the Cabinet of Ministers of Ukraine approved the Development Strategy of the State Savings Bank of Ukraine for 2021-2024. The draft strategy was developed by the board and approved by the Supervisory Board of Oschadbank.