Hellenic to participate in syndicate loan to Ukrainian company


By Stelios Orphanides

Hellenic Bank said that it agreed to participate together with the European Bank of Reconstruction and Development (EBRD) in a $350m (€285) syndicate loan agreement to Ukraine’s PubJSC ArcelorMittal Kryvy Rih (AMKR), a unit of steel producer ArcelorMittal.

Hellenic’s participation is limited to $10m, the bank said in a statement on the website of the Cyprus Stock Exchange on Tuesday.

EBRD, which holds a 5.4 per cent stake in Cyprus’s third largest lender, will extend a $200m loan to the Ukrainian steel mill AMKR, while the remaining participants which include AKA ASuhrkredit-Gesellschaft mbH, Credit Agricole CIO, Federated Project and Trade Finance Core Fund and Raiffeisen International, Hellenic said.


About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • Barry White

    Very instructive that one of Cyprus` local banks finds that it is a better bet to loan $10 million to a Ukrainian steel company than to Cyprus businesses. A good reference point for potential foreign investors into Cyprus. The Arch Bish must be blushing, if possible.

  • Vladimir

    Hellenic’ interest rate will probably be the highest among all other participants…
    Let’s hope this steel company will never pay it back just like Cyprus does when borrowing))