VEB to Buy Ukraine's Prominvestbank

Prominvestbank, Ukraine's sixth-largest lender by assets, will be acquired by Vneshekonombank and has already received a first payment of $190 million, Interfax reported Saturday.

An additional payment of $1 billion is expected in "the next few days," a source in Prominvestbank said, the news agency reported.

Ukraine's anti-monopoly agency said in a statement posted on its web site that Russia's state-owned VEB, also known as the Development Bank, had received approval for the acquisition of more than 50 percent of Prominvestbank.

The Central Bank took control of Prominvestbank in October after a run on deposits, appointing Krotyuk its temporary manager.

Stabilizing the lender is a requirement for an aid package from the International Monetary Fund.

(Bloomberg, MT)