State Export-Import Bank of Ukraine

State Export-Import Bank of Ukraine, widely known as Ukreximbank, is a Ukrainian state-owned financial institution established in 1992 to support the country's foreign trade, industrial development and broader economic policy. The bank was created by the Ukrainian government after independence, with the new institution incorporating structural units of the former Foreign Economic Affairs Bank of the USSR located in Ukraine. The state owns all of its shares through the Cabinet of Ministers of Ukraine. Ukreximbank operates primarily as a specialized corporate and development-oriented bank rather than as a mass-market retail franchise. Its activities include export and import finance, corporate lending, investment-project finance, international settlements, foreign-exchange and money-market transactions, securities-market operations, guarantees and services connected with government borrowing. The bank also acts as a financial agent of the Ukrainian government, including in the arrangement and servicing of certain state-related financing. Its stated mission is to support Ukraine's economy and business customers, particularly exporters, import-substituting industries and investment projects. The institution has developed extensive relationships with international financial institutions, export-credit agencies, foreign banks and development-finance organizations. Its reported counterparties and partners have included the World Bank, the European Bank for Reconstruction and Development, KfW, the Nordic Investment Bank and the International Finance Corporation. The bank has also acted as a borrower or guarantor in transactions involving numerous export-credit agencies. International infrastructure has been supported by a large correspondent-banking network and representative offices in London and New York, while its domestic structure has included a head office, branches and sub-branches across Ukraine. Ukreximbank's history includes several significant capital-markets and balance-sheet events. It joined the SWIFT international settlement system in 1993, issued a hryvnia-denominated Eurobond internationally in 2011, and completed a restructuring of Eurobonds maturing in 2015, 2016 and 2018 during Ukraine's 2015 sovereign and public-sector debt negotiations. Since 2016 it has been designated a systemically important bank by the National Bank of Ukraine, a status it retained in subsequent assessments and was again confirmed in early 2024. During and after the COVID-19 quarantine period, the bank maintained operations, used expanded National Bank refinancing capacity and began participating in state-supported lending programs, including the Affordable Loans 5-7-9% program. It also cooperated with Ukraine's Export Credit Agency to finance export contracts covered by agency insurance and served as a government agent for portfolio-based state guarantees intended to improve financing access for micro, small and medium-sized businesses. The bank later strengthened its work with medium-sized enterprises, municipalities, amalgamated territorial communities and utility companies. The bank reported record profitability for 2023, earning approximately UAH 5 billion for the state. For the 2024 financial year, it reported pre-tax profit of UAH 5.9 billion, described as a 20.1% increase from 2023. In February 2024, it was reported as the Ukrainian banking-market leader by net loans to legal entities, with a reported corporate net loan portfolio of UAH 75.6 billion including provisions, and as a leading institution in financing programs supported by international financial institutions. Ukreximbank also ranked highly in government-securities dealing and repo-market activity. Its present identity combines state policy execution, export and import support, corporate banking, development finance and financial-market intermediation.

Ukreximbank was established on 3 January 1992 under Presidential Decree No. 29/92, soon after Ukraine became independent. The decree transferred to the new bank the Ukrainian-based structural units of the Foreign Economic Affairs Bank of the USSR. The institution received its first banking license from the National Bank of Ukraine on 23 January 1992. From the outset, its mandate was broader than ordinary commercial banking: it was intended to implement state policy in industry, foreign trade, the economy and finance, while providing banking infrastructure for Ukraine's external economic relations. The bank joined the SWIFT international settlement system in 1993, strengthening its ability to handle cross-border payments. Its head office operated at 8 Khreshchatyk Street in Kyiv from 1992 to 1998 before moving to 127 Antonovycha Street. Over time, Ukreximbank built correspondent relationships with banks in numerous countries and expanded cooperation with multilateral and bilateral development institutions. It became a member of G-NEXID, the Global Network of Export-Import Banks and Development Finance Institutions, in 2008. A legal change took effect in 2009 when the institution's formal name changed from an open joint-stock company to a public joint-stock company. In 2011 it completed its first successful international funding transaction denominated in Ukraine's national currency: a three-year hryvnia Eurobond issue exceeding UAH 2.3 billion. EuroWeek subsequently recognized the transaction in its emerging-market local-currency category. The transaction illustrated the bank's role as an intermediary between Ukrainian financing needs and international capital markets. In 2015, Ukreximbank became the first Ukrainian company with external debt obligations to complete negotiations with investors within the government's broader public-sector external-debt restructuring process. The restructuring covered Eurobonds maturing in 2015, 2016 and 2018, with an aggregate amount reported at USD 1.475 billion. In the following year, the National Bank of Ukraine designated Ukreximbank a systemically important bank. The designation was retained in subsequent years, reflecting the institution's size, state role and importance to financial stability. The bank changed its formal legal name again in 2020, moving from public joint-stock company terminology to joint-stock company terminology after a Cabinet of Ministers resolution. That year it also conducted a proactive liability-management transaction through a cash tender offer, without simultaneously placing a new issue, with the stated objective of improving the cost and structure of its liabilities. During the COVID-19 quarantine period, the bank maintained uninterrupted operations, obtained expanded refinancing limits from the National Bank and entered into cooperation arrangements with the Entrepreneurship Development Fund. Beginning in 2020, Ukreximbank participated in the state Affordable Loans 5-7-9% program and other programs aimed at financing industrial sectors and investment projects. It also began cooperation with Ukraine's Export Credit Agency, signing initial agreements to finance export contracts covered by ECA insurance. The bank was appointed government agent for a portfolio-based state-guarantee program supporting micro, small and medium-sized enterprises. A separate business vertical was created for medium-sized businesses, municipalities, amalgamated territorial communities and utility companies. The full-scale war period further emphasized the bank's public-policy and corporate-finance functions. Ukreximbank continued international banking relationships, supported exporters and importers, and maintained financial-market and government-agent activities. In 2023 it reported approximately UAH 5 billion in earnings for the state, a record in its history. For 2024 it reported UAH 5.9 billion in pre-tax profit. In early 2024 a new Supervisory Board began its work, and Victor Ponomarenko was approved as Management Board chairman from July 2024. The bank has also received recognition for corporate banking, settlement services, SME support, non-performing-asset management and digitalization.

• 2024

  New supervisory board and management leadership

  [1]State Export-Import Bank of Ukraineen.wikipedia.org

  A new Supervisory Board began work, and Victor Ponomarenko was approved as Management Board chairman from July.

• 2023

  Record earnings for the state

  [2]Ukreximbank official websiteeximb.com

  Ukreximbank reported approximately UAH 5 billion earned for the state.

• 2020

  Legal-name change and liability management

  [1]State Export-Import Bank of Ukraineen.wikipedia.org

  The bank adopted its current joint-stock legal form and completed a cash tender offer to optimize its liability structure.

• 2016

  Designated systemically important

  [1]State Export-Import Bank of Ukraineen.wikipedia.org

  The National Bank of Ukraine designated Ukreximbank a systemically important bank.

• 2015

  External-debt restructuring

  [1]State Export-Import Bank of Ukraineen.wikipedia.org

  Ukreximbank completed restructuring negotiations covering Eurobonds maturing in 2015, 2016 and 2018, totaling USD 1.475 billion.

• 2011

  First international hryvnia Eurobond

  [1]State Export-Import Bank of Ukraineen.wikipedia.org

  The bank issued a three-year internationally placed Eurobond denominated in Ukrainian hryvnia, exceeding UAH 2.3 billion.

• 2008

  Joined G-NEXID

  [1]State Export-Import Bank of Ukraineen.wikipedia.org

  Ukreximbank joined the global network of export-import banks and development-finance institutions.

• 1993

  Joined SWIFT

  [1]State Export-Import Bank of Ukraineen.wikipedia.org

  The bank joined the SWIFT international settlement system.

• 1992

  Bank established

  [1]State Export-Import Bank of Ukraineen.wikipedia.org

  The Ukrainian government established the State Export-Import Bank on 3 January under Presidential Decree No. 29/92.

• 1992

  First banking license

  [1]State Export-Import Bank of Ukraineen.wikipedia.org

  The National Bank of Ukraine issued Ukreximbank its first license on 23 January.

State-owned specialized foreign-trade, corporate and development bank supporting Ukrainian exporters, importers, strategic industries and public-sector financing.

• Trade finance · 1992

  Export and import finance

  Financing and banking support for Ukrainian exporters, importers and companies involved in cross-border trade. The offering can include pre-export finance, working-capital facilities, documentary transactions, guarantees and financing linked to export contracts.

• Business banking · 1992

  Corporate lending

  Loans and related financial services for Ukrainian legal entities, including large corporations, medium-sized enterprises, industrial businesses, municipalities and utility companies. Corporate lending is a core part of the bank's balance sheet and public-development mandate.

• Development finance · 1992

  Investment and project finance

  Longer-term financing for investment projects and selected economic sectors, often supported by international financial institutions or state programs. The bank uses these facilities to channel external and domestic credit resources into Ukrainian development priorities.

• Transaction banking · 1993

  International settlements and cash management

  Cross-border payments, correspondent banking, foreign-exchange transactions and other settlement services for businesses and public-sector customers. Ukreximbank's SWIFT membership and extensive correspondent network support its international role.

• State-supported SME finance · 2020

  Affordable Loans 5-7-9%

  State-supported lending for eligible businesses through the Affordable Loans 5-7-9% program. Ukreximbank began financing legal entities and private entrepreneurs under the program during the 2020 expansion of its cooperation with the Entrepreneurship Development Fund.

• Credit guarantees · 2020

  Portfolio-based state guarantees

  A government-agent service designed to help micro, small and medium-sized businesses obtain bank financing by supporting portfolio-based state guarantees. The program forms part of Ukreximbank's public-policy role in widening access to credit.

• 2023Support for Ukrainian marine brigades

  Ukraine

  Ukreximbank partnered with the Come Back Alive foundation to support marine brigades of the Ukrainian Armed Forces.

  Outcome. The partnership was presented as defense-related support during Russia's full-scale invasion of Ukraine.

  Source

• 2020

  Completed proactive liability-management transactionOther

  Background

  The bank sought to improve the pricing and structure of its liabilities during a period of market and operating pressure.

  Action taken

  It conducted a cash tender offer for outstanding liabilities without simultaneously issuing a new bond.

  Aftermath

  The transaction was intended to optimize the bank's liability base and funding economics.

  Source

• 2020

  Expanded state-supported business lendingStrategy

  Background

  The COVID-19 quarantine period increased the importance of liquidity support and government-backed lending for Ukrainian businesses.

  Action taken

  Ukreximbank expanded refinancing access, joined the Affordable Loans 5-7-9% program, supported sector and investment programs, and began cooperation with the Export Credit Agency.

  Aftermath

  The bank broadened its role as a channel for government and international-finance support to companies, exporters and smaller businesses.

  Source

• 2015

  Restructured outstanding EurobondsStrategy

  Background

  The bank's external obligations were handled within Ukraine's broader public-sector external-debt negotiations.

  Action taken

  Ukreximbank reached an agreement with investors covering Eurobonds maturing in 2015, 2016 and 2018, with a reported aggregate amount of USD 1.475 billion.

  Aftermath

  The bank became the first Ukrainian company involved in the government's public-sector debt process to complete negotiations with external investors.

  Restructured Eurobonds. (2015)

  Source

1. 1State Export-Import Bank of Ukraineen.wikipedia.org
2. 2Ukreximbank official websiteeximb.com