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10 May 2023

Raiffeisen Bank disbursed the first loan pursuant to the export agreement under the ECA insurance coverage


Three Bears, the Ukrainian manufacturer of ice-cream and frozen semi-finished food products received a collateral-free loan for UAH 210 mn. The loan will be used for product export to Poland. The total value of the foreign economic agreement for which the loan was provided is UAH 600 mn

The insurance liability of the state Export Credit Agency (ECA) to Raiffeisen Bank is UAH 178.5 mn.

“We are glad to welcome Raiffeisen Bank among the banks supporting the Ukrainian commodity export during war time. As of now, this agreement is the largest one this year, and its implementation can provide the export revenue of UAH 600 mn for the country, and therefore the respective foreign currency inflow and the tax revenue to the state budget”, says Ruslan Hashev, the acting Chairman of ECA’s Management Board.

Oleksandr Pysaruk, the Chairman of the Management Board of Raiffeisen Bank, underlined that since the start of the full-scale invasion the bank itself granted the loans for UAH 8.5 bn to the Ukrainian exporters. In total, since February 2022, Raif granted the loans for UAH 27 bn to the Ukrainian companies.

“Cooperation with ECA is important for us because it enables our customers to enter foreign markets more actively, promote the Ukrainian goods in Europe, increase foreign currency revenue, create jobs in Ukraine. Three Bears brand whose agreements we are financing now is an example of responsible business, which withstood the military aggression, kept its production facilities and its team, ensures high product quality and represents our country abroad on the business scene. We are proud of cooperation with such  customers, they are true heroes of the economy”, said Oleksandr Pysaruk.

“We are grateful to the bank for the long-standing cooperation, for the support provided during 2022 and for the fact that the cooperation continues. We are implementing the export expansion strategy now. Our target market is Poland where we have been present since July 2022. We will be gradually expanding our markets to other European countries”, said Dmytro Ushmaiev, founder and president of Three Bears LLC.

Information:

Raiffeisen Bank JSC, registered on March 27, 1992, is one of the largest foreign-owned banks in Ukraine. In October 2005, it became a part of the Austrian Banking Group Raiffeisen Bank International AG. As of December 31, 2022, Raiffeisen Group held 68.21% of the bank’s shares, while the European Bank For Reconstruction and Development held 30%.

A wide range of banking services is provided to 2.9 mn customers of Raiffeisen Bank via the network of about 300 branches across Ukraine, and via the applications Raiffeisen Online and Raiffeisen Business Online, as well as other remote channels, 24/7.

Export Credit Agency Private Joint Stock Company (ECA) was founded in 2018. The sole founder and shareholder of ECA is the state represented by the Cabinet of Ministers of Ukraine. The Cabinet of Ministers of Ukraine manages the equity rights held by the state in the share capital of ECA via its authorized body – Ministry of Economy of Ukraine.

Three Bears LLC is a domestic manufacturing and trading company, one of the most renowned ice cream and frozen food manufacturers in Ukraine.