JSC «International Mortgage Bank» becomes OJSC «Platinum Bank»

At March 11, 2009 in accordance with the requirements of the new edition of the Law of Ukraine «On banks and Banking» CJSC «International Mortgage Bank» was registered as OJSC «Platinum Bank» in a single register of enterprises and institutions of Ukraine.In compliance with regulatory requirements of current legislation of Ukraine to the legal form of the bank coincided with the beginning of the process of rebranding CJSC «MIB». Thus, a shift to a new legal form and consolidate a new bank brand - Platinum Bank took place.

OJSC «Platinum Bank» is the legal successor of all rights and obligations of CJSC «International Mortgage Bank».

Greg Krasnov, General Director of Platinum Bank noted: «Registration of our bank under the new organizational and legal form - an expression of our principles of transparency and a clear correspondence to Ukrainian legislation. This event for us has a dual meaning, because we have not only been transformed into open joint stock company, but we have a new brand - a brand Platinum Bank, which aims to give our clients the «reliability of the highest sample» at such a difficult time with the economic and financial point of view».

As previously reported, Platinum Bank will continue its operations under the new strategy of development - a retail bank with a focus on the development of short-term loans to individuals, including consumer loans, cash loans, credit cards, and attract deposits. In a new strategy the mortgage loans ended.

Information:
Platinum Bank (www.platinumbank.com.ua) (formerly operated under brands IMB Group, «International Mortgage Bank», Family Credit) provides deposit and loan products to individuals through a network of offices and points of customer service throughout the territory of Ukraine. At 1.1.09 consolidated assets of Platinum Bank amounted to 1,4 billion UAH. Platinum Bank took 1 st place among the big Ukrainian banks in market by capitalization (the ratio of consolidated shareholders' equity / assets) and 34 th place in the rating of Ukrainian banks by the level of consolidated shareholders' equity.The main shareholders of Platinum Bank are international management companies of Horizon Capital, East Capital, Warburg Pincus and the International Finance Corporation (a subsidiary of the World Bank).