Pivdenny Bank raises UAH 300 million in refinancing to provide loan support for the economy

On 8 May 2020, Pivdenny Joint-Stock Bank took part in the first tender of the National Bank of Ukraine for long-term refinancing. The bank received UAH 300 million for a period of 5 years, secured by domestic government bonds.

Despite the lack of need for additional UAH-denominated resources due to a large liquidity reserve, Pivdenny Bank decided to attract long-term resources from the National Bank to lend to the real sector of the economy.

"Thanks to this, we will offer the market a new loan product, the cost of which will depend on the change in the discount rate. I am sure that access to such a long-term financing instrument from the NBU will be very popular. With the reduction of foreign currency loans in the banking system, this is a unique opportunity to use available free funds in foreign currency to lend to the real sector of the economy in the national currency," said Pivdenny Bank Deputy Chairman Maksym Tsymbal.

We would like to remind readers that the net profit of Pivdenny Bank following the results of 2019 amounted to UAH 300 million, which is 9.5 % more than the same period last year. Since 2019, according to the NBU, Pivdenny Bank has been classified as a systemically important bank in Ukraine.