NRB-Ukrayina Could Become Gas Trader

In early 2002, the Kyiv-based privately held NRB-Ukrayina got off to a flying start on Ukraine’s financial markets, though it was licensed to provide a wide range of banking services only in September 2001. As of January 1, 2002, the bank’s currency balance reached UAH 120.3 million, with its authorized capital exceeding UAH 23.55 million. Withal, the bank is pursuing a consistent policy of building a sound and stable financial institution with a contingency reserve of UAH 265,000 to cover risks of loss on all active bank operations. The bank’s gross assets have increased four-fold, the bank press service announced. The bank has issued a total of UAH 50.9 million in loans. Moreover, NRB-Ukrayina has become one of Ukraine’s leading deposit banks, with securities and deposit accounts exceeding UAH 1 billion. Last year it completed the transfer of $16.5 million US worth of securities for Ukraine’s 1995 gas debt to Gazprom from Russia’s National Reserve Bank. To date, NRB-Ukrayina has received a total of $175 million in Gazprom debt securities. Currently, NRB-Ukrayina, jointly with its Russian counterpart, is participating in a number of corporate investment projects. Over $10 million has been invested in a project to create a resort area in the Crimea. This year they are planning to invest twice this amount. The Russian and Ukrainian banks are also reviewing the possibility of joint participation in servicing natural gas supplies to Ukrainian industrial enterprises.