First Financial Network Announces Upcoming Loan Sales in Ukraine
KYIV, Ukraine, July 24, 2017 /PRNewswire/ -- First Financial Network (FFN) today announced that it is conducting an initial sale of non-performing loans on behalf of the National Bank of Ukraine (NBU) and the Deposit Guarantee Fund (DGF).
Ukraine's banking sector has been in a crisis since 2014. Over 90 banks have failed. Total non-performing loans are estimated to be $28 - $38 Billion USD. Multinational groups have been assisting and supporting the Ukraine government in developing methods to resolve these issues and strengthen the banking sector.
This is an initial sale of 52 loans totaling $170MM USD (4.6B UAH). The FFN pool (UKR-2017-01) is composed of non-performing commercial loans secured by various collateral types including a large operating retail food business, an equipment manufacturer, an agricultural processor, various commercial real estate properties, land and other assets. This will be a portfolio offering consisting of one pool. Additional larger balance sales are anticipated to follow.
These loan sale initiatives will utilize international best industry practices to ensure transparency, restore liquidity and maximize value, through a competitive process in order to facilitate stability in the Ukraine banking sector.
Due diligence information will be made available to qualified investors via FFN's website at www.ffncorp.com on July 24, 2017 and online sealed bids for the pool are due on September 19, 2017.
According to John Morris, President of First Financial Network, "We greatly appreciate the opportunity to assist the Deposit Guarantee Fund and the National Bank of Ukraine with this important assignment. We anticipate strong interest from Ukraine and international investors for these assets and look forward to contributing to the positive resolution of the portfolio and assisting in the economic recovery of the country."
FFN is initiating a highly targeted marketing campaign to develop strong groups of purchasers in order to maximize sales proceeds and minimize losses for Ukraine.
For additional details regarding the offering interested parties should call 405-748-4100 (U.S.) or visit www.ffncorp.com.
About First Financial Network
Since its founding in 1989, FFN has defined the loan sale industry, selling billions of dollars in loans and other assets in 28 countries. The company provides loan valuation, loan sales and trade support services to banks, agencies of the U.S. Federal government, major foreign banks and other lenders including FDIC, NCUA, FHLBs, Fannie Mae, Freddie Mac, foreign central banks, regulators and other financial institutions. The company's online Loan Sale Network™ platform and FirstValue™, a market-driven loan valuation model, are used in conjunction with exceptional marketing techniques to achieve optimal value in today's international loan sale market. For further information, call 405.748.4100 or visit www.ffncorp.com.
Contact:
U.S. Contact: Merrie Duncan: 405-748-4100 or [email protected]
SOURCE First Financial Network, Inc.
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