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Cyprus

Hellenic to participate in syndicate loan to Ukrainian company

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.

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