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Monday, September 3rd, 2007
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Banking & Finance

ANOTHER MAJOR BANKING MERGER?

A major increase in authorised capital by the Kyiv-based Finance & Credit Bank prompts speculation that the bank is preparing to be acquired by an international player Subscribe

THE NEED FOR TRANSPARENCY

Even as banks around the world enter the unchartered waters of financial turbulence linked to sub-prime credit woes in the US, Ukrainian banking continues to enjoy an upswing, albeit slower than last year Subscribe

AMERICA’S SHAME: THE SUBPRIME CRASH

The implosion of the US subprime market and its global reverbations have revealed inexcusable complacency and what is in effect a giant pyramid scheme Subscribe

FACING THE CREDIT STORM: WILL UKRAINE ESCAPE UNSCATHED?

It is now clear that the credit squeeze that began in the US is not just a storm in a teacup, but fortunately the malaise is unlikely to have a drastic effect on Ukraine’s isolated markets Subscribe

NO END IN SIGHT FOR THE UKRAINIAN BANKING BOOM

The Ukrainian banking sector is increasingly attracting international attention and posting record growth figures on the back of a real estate boom, bullish business sector and rising salaries, but are the numbers sustainable? Subscribe

SMALL IS BEAUTIFUL: THE GROWTH OF THE ENTREPRENEURIAL CLASS

As they search for ways to diversify their limited portfolios, more and more Ukrainian banks are finding a recipe for success in supporting small- and medium-sized enterprises Subscribe

UKRAINIAN EQUITIES AFTER THE ELECTIONS

Everyone has their own views on politics, but money is money. So beyond the ideologies and policies at stake, what kind of impact might the coming elections have on Ukraine’s equities markets? Subscribe

PREPARE FOR A RESTLESS SUMMER

Despite local political troubles, Ukrainian stocks have been flying high, but the jury is out on whether they will be able to absorb the effects of a troubled US market More

EBRD SELLS KREDOBANK STAKE

The sale of a 28% share of Kredobank to Poland’s PKO is yet another example of how the Ukrainian banking sector continues to be a market of prime interest for major players Subscribe

A SWEET DEAL ON THE PFTS

In an IPO that placed 20% of its shares on the PFTS last week, major Ukrainian sugar manufacturer UkrRos raised USD 42 million which it plans to invest in an ambitious expansion programme More

GOING, GOING, GONE

The antiques market in Ukraine is full of pitfalls with plenty of counterfeit pieces in circulation, but it is by no means to be avoided - the cautious can do well if they follow a few simple guidelines Subscribe

DISCOVERING SECURITISATION

Many Ukrainian banks are now looking seriously at securitisation as a way of accessing cheaper sources of funding for real estate loans. With some small-scale success already evident, much more is sure to follow Subscribe

VALUING TRANSACTIONS: HOW MUCH IS IT WORTH?

M&A transactions involving non-traded stock have traditionally been benchmarked against exchange prices, but in Ukraine the small market size means this process is uncommon More

SWEDBANK CONCLUDES TAS DEAL

Swedbank expects high performance from its newly-acquired Ukrainian unit as the local banking sector continues rapid expansion More

ALMOST AS GOOD AS IT GETS

No stock market is ever an entirely safe bet, but Ukrainian PFTS has proven resilient against political instability and a general peaking of emerging market stocks worldwide Subscribe

DUE DILIGENCE: MINIMISING RISK

In a fast-moving market such as Ukraine’s where buyouts, takeovers and mergers are gathering pace, the need for careful due diligence processes has never been greater Subscribe

ENCOURAGINGLY SPEEDY GROWTH

Concorde Capital’s head of research Konstantin Fisun says that the swift rise of the PFTS is due to a range of positive factors, such as increased foreign interest and moves towards global standards by more Ukrainian companies Subscribe

EURO 2012: EUPHORIA OVER, WORK BEGINS

After a brief period of mutual back-slapping over the successful bid for the Euro 2012 tournament, Ukraine’s leaders now face the critical questions: How - and how much? Subscribe

GOING FURTHER AFIELD: XXI CENTURY GOES WEST

Kyiv-based real estate investment firm XXI Century Investment has led the way in successfully raising capital through western institutions Subscribe

THE PFTS: TICKING THE RIGHT BOXES

Despite a slow start by international standards, the PFTS is now well on the way to becoming a serious international player as Ukraine’s market capitalisation grows Subscribe

UKRAINIAN INDEX FUNDS: ANOTHER STAR PERFORMER

On-line Capital’s two PFTS-linked funds have been enormously successful on the back of Ukraine’s high-performing stocks, so much so the company is considering a third Subscribe

WHAT THE MARKET SAYS

We take a quick poll of Ukraine’s top investment and equity firms to find out the winners, losers, sectors to look for and their market predictions. Politics will be influencial, they say, but not critically so Subscribe

UNICREDIT SNAPS UP UKRSOTSBANK

In a landmark USD 2 billion deal, one of Ukraine’s biggest banks finally goes under the hammer following a series of failed negotiations More

REVEALING THE REAL COST OF CREDIT

A move by the National Bank of Ukraine forcing banks to reveal hidden charges in loan contracts may hurt their profits a little in the short term, but ultimately transparency will prove to be for the good of the sector Subscribe

SPECIAL ECONOMIC ZONE CONTROVERSY WEARS ON

Proposed new legislation governing Ukraine’s special economic zones has its supporters and detractors - but few would argue that something must be done Subscribe

INSURANCE MARKET SET TO TAKE OFF

Despite foreign companies’ willingness to enter the Ukrainian insurance market, the sector remains small. However, insiders are now seeing signs of serious growth Subscribe

TIME FOR NEW REGULATIONS?

Low entry requirements mean that too many small banks remain in Ukraine, blocking the consolidation the industry needs Subscribe

Consumers in the spotlight

The results of the Consumer Confidence Index in Ukraine consistently demonstrate a strong connection to the volatile political situation More

Interview: Yuriy Lakhno

The CEO of the Generali-Garant insurance company on the recent tie-up with Italy’s Generali and the growth of Ukraine’s immature but burgeoning insurance market Subscribe

Starting a critical relationship

Having the right law firm on your side in Ukraine can be one of the most useful tools in a company’s armoury, so taking care in your choice of legal representation is a must Subscribe

AN INDUSTRY-DRIVEN BANKING BOOM

Donetsk region is already reponsible for 10% of Ukraine’s personal banking business, but this figure is set to grow as salaries rise on the back of strong industrial growth Subscribe

SECURING LONG-TERM FUNDING

A legal guide to Eurobond placements, international financing and securitisation in Ukraine More

THE LIQUIDITY SQUEEZE

Despite all the hype about unparalleled growth, most Ukrainian banks are stuck for options when it comes to a critical resource - liquidity More

CREDIT BUREAUX: ASSESSING THE RISK

The recent emergence of credit bureaux in Ukraine as a way for banks to assess clients’ creditworthiness is a welcome development Subscribe

INTERVIEW: LYUDMILLA RASPUTNA

The CEO of Kreditprombank gives perspectives on the future of corporate & retail banking in Ukraine, the importance of international capital and views on the sector’s future Subscribe

INTERVIEW: VOLODYMYR LAVRENCHUK

Raiffeisen Bank Aval’s chairman on post-merger strategies, the retail business and risk management Subscribe

RETAIL BANKING: RIDING THE WAVE

With its explosive growth rates, retail banking is unquestionably the prime driver of the sector in Ukraine - but the party won’t last forever Subscribe

THE BANKING M&A MARKET: BETTING ON A BRIGHT FUTURE

Ukraine’s banking sector boom has seen international players move in to get a slice of the country’s economic boom. But there is only a limited number of buyers and ROE is limited, so high asset prices won’t last Subscribe

UKRAINE’S FOREX CHALLENGE

As the days of the hryvnia’s peg to the dollar look numbered, banks need to start looking more closely at foreign currency risk Subscribe

Investors putting politics aside

The stock market has been staunchly confident throughout the political crisis More

No need for a chrystal ball

The long-held suspicions that the markets are learning to ignore the political bickering are being confirmed by Ukraine’s high economic and market performance despite the ongoing War of the Viktors Subscribe

UKRAINE AND THE WEAK DOLLAR

With the hryvnia effectively pegged to the US dollar which is still weakening against the euro, Ukraine could potentially benefit on the export front but trade barriers leave this in the realms of theory Subscribe

A FLURRY OF M&A DEALS, BUT VOLUMES STILL SMALL

Mergers, takeovers and privatisation deals have all increased in numbers in recent times, but lack of transparency is still acting as a brake on greater activity Subscribe

M&A: WHAT THE LAW SAYS

A guide to the regulations, conventions and practices of conducting Mergers & Acquisitions in Ukraine Subscribe

THE SEARCH FOR STABLE FUNDING

As the growth of credit continues unabated in Ukraine, banks now face the need to secure stable and economic sources of funding Subscribe

DIVERGING VALUE PERCEPTIONS

The failure of the Ukrsotsbank-Banca Intesa deal is perhaps a sign of foreign investors re-evaluating the high premiums recently paid for prime Ukrainian business assets Subscribe

MORTGAGES ON THE RISE

The real estate construction frenzy and lower interest rates mean that the mortgage sector in Ukraine is booming. But will interest rates drop to the point where it can truly become a mass market? Subscribe

A LOOK INSIDE THE RETAIL CREDIT BOOM

Ukraine’s retail credit market is growing at a phenomenal rate and despite emerging market risks, it is unlikely to slow down any time soon Subscribe

THE FORCE OF CONVERGENCE

As one of the last countries to join the world of capitalist market forces, Ukraine has the opportunity to fast-track itself to economic parity with its neighbours. But the politicians will have to learn to play the game too Subscribe

EMBRACING RISK

While Ukraine still exhibits post-Soviet suspicion of insurance as a necessary function, attitudes are changing and the market is growing with the help of foreign players Subscribe

UKRSOTSBANK SALE ON THE ROCKS

As the sale of Ukraine’s number four bank to Italy’s Banca Intesa SanPaolo slips past deadline, the industry considers rising values as a major factor Subscribe

BONDS: STABILITY VERSUS RISK

The bond market in Ukraine has been in full swing since the early years of the decade. There is money to be made, but it’s not for the faint-hearted or the small-timer More

DEVELOPMENTS IN LONG-TERM FORECASTING

How a Canadian-funded project is helping Ukraine’s government develop the tools it needs for more effective long-range economic forecasting and analysis Subscribe

QUO VADIS, UKRAINE?

Ukraine’s banking system is set to change dramatically, but it could go in either the direction of Russia’s banks or Central Europe’s. Here’s why Subscribe

MORE EU CASH BUT NO END IN SIGHT

EU entry is still a distant goal for Ukraine but the prospect of eventual membership is being kept alive, albeit with caveats, by the country’s political leaders Subscribe

WHY BANKS NEED BALANCED GROWTH

Greater utilisation of available international credit for energy efficiency and SME finance could have positive consequences for the economy and become an even healthier product line for banks Subscribe

SHANGHAI BLUES

The recent sputtering of the Shanghai bourse demonstrated that in some ways, less developed markets like Ukraine’s can turn out to be a safer bet Subscribe

ECONOMY: THE WEEK IN REVIEW

There was much comment last week on the expected increase in the minimum wage and pensions. More

THE SWEDISH CONNECTION

TAS-Kommerzbank buys for USD 735 million, analysts say premium paid by Swedbank to gain foothold in emerging Ukrainian market Subscribe
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