ProCreditBank UkraineFinancial services
In April 2009, WNISEF sold its 20% stake in ProCredit Bank Ukraine (PCBU), a full-service bank focused on lending to micro and small enterprises in Ukraine, to ProCredit Holding, parent company of a global group of 22 ProCredit banks.
This exit represents a 1.45x cash-on-cash return for WNISEF based on a multiple of 1.73x PCBU Net Asset Value (NAV) as of December 31, 2008.
WNISEF invested into PCBU as a founding shareholder in 2000. At its founding, PCBU was the only bank focused on providing debt financing to entrepreneurs, micro and small businesses. ProCredit Bank Ukraine ended 2008 with an outstanding loan portfolio of USD 367.1 million and a customer deposit base of USD 171.7 million with over 105,000 deposit accounts.
The loan portfolio of ProCredit Bank Ukraine is comprised almost exclusively of loans to small businesses in Ukraine. It is a uniquely focused-bank, whose mission sustains and enables the entrepreneurial spirit in Ukraine.