May 24 2002, 16:40 Interfax-Ukraine

AVAL to maintain its place and nature of financing agribusiness

Interfax Ukraina reported that AVAL bank Kyiv plans to maintain leading positions in terms of agricultural financing. The bank issued a press release saying that during January-April this year the investment portfolio for agriculture grew by US $ 5.3mn reaching US $175mn as of May.

Of the said amount 68% loans went to the farmer himself, 30% took processors, and 1.65% took all sorts of brokers involved in agribusiness.

Mr. Horbachev, the Credit Department Chief said that the trend of previous year remained unchanged where farmer still leads the loan takers.

The AVAL bank was established in 1992 with shareholders like UkrTeleCom, Pension Fund, UkrPoshta.