Ukraine DGF to put up for sale 14 Delta Bank's credits claims worth UAH 3.65 bln

Ukraine DGF to put up for sale 14 Delta Bank's credits claims worth UAH 3.65 blnThe Deposit Guarantee Fund as part of the pre-sale preparations proposed to investors to appraise a pool of credits issued by Delta Bank being under liquidation secured by vegetable oil handling assets on the territory of Illichivsk port.

According to a posting on the fund's website, claims to 14 credits issued by Delta Bank worth UAH 3.65 billion will be put up for sale in one lot.

The fund said that land parcels, property and vegetable oil production equipment, including 15.77 ha on the territory of the port and property with the gross area of over 39,00 square meters, were used to collaterize the credits. A compound fat production complex in Odesa is also used as collateral.

As reported, the executive directorate of the Individuals' Deposit Guarantee Fund has approved assets for liquidation for Delta Bank as of January 1, 2016, appraised at UAH 29.04 billion, or 33.9% of net assets value (UAH 85.55 billion, not taking into account reserves and revaluation).

Credits to individuals are assessed at UAH 11.31 billion (net value is UAH 29.34 billion) and credits to companies – UAH 9.94 billion (net value – UAH 37.83 billion).

Cash in the cash desks of the bank and on the cash account at the National Bank of Ukraine (NBU) totalled over UAH 2.43 billion.
The portfolio of securities was estimated at UAH 2.62 billion with the net value of UAH 5.56 billion, fixed assets and non-current assets – UAH 2.66 billion (net value UAH 3.67 billion) and the debt portfolio – UAH 73.15 million (net value – UAH 6.28 billion).

Assets for liquidation also include funds placed in other banks (UAH 1.85 million and the net value of UAH 187.62 million) and funds on below-line balance accounts (UAH 80,000 and the net value of UAH 10.86 million).

The temporary administration was introduced to the bank from March 3, 2015, and the decision to liquidate it was made on October 2, 2015.

Delta Bank was founded in 2006. Its largest shareholders in early 2015 were Mykola Lahun (70.6059%) and Cargill Financial Services International, Inc. (29.3941%).
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