KIEV: The European Bank for Reconstruction and Development (EBRD) is prepared to buy a stake in Ukraine's largest state-owned bank, Oschadbank, provided changes are made to its management and operational and financial performance, the banks said on Friday.
Ukraine has launched a clean-up of its banking sector, including the potential privatisation of up to 20 percent of the country's top banks.
"The EBRD is prepared to support the government and Oschadbank on the path of transformation and in the future invest in the share capital ... on condition the bank achieves key targets," Oschadbank said in a statement ahead of a joint briefing with the EBRD.
The EBRD and Oschadbank have signed a memorandum of understanding that includes guarantees from the EBRD for up to 50 million euros ($53 million) to support Ukrainian exporters and importers.
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