First Ukrainian International Bank May No Longer Be International

The First Ukrainian International Bank (FUIB), a bank with a high and stable international reputation, may soon cease to be international. Rinat Akhmetov’s empire is going to devour it. According to a press release by the Ukrainian Antitrust Committee, a company called SCM Finance is going to purchase “a bit” of the FUIB. As is suggested by its name, this company is linked to System Capital Management. It is expected that 50% of shares will be purchased from shareholders abroad, among them the European Bank for Reconstruction and Development and the International Finance Corporation. Presently, 49% of the shares in this bank belong to public joint stock company Azovstal, another company controlled by Akhkmetov.

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