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"A successful tandem: Ukrsotsbank – Client": experience of PJSC "Ukrsotsbank", UniCredit Bank™

25.11.2013

Viktoriia Denisova, Acting Head of Northern Macroregion, Head of Corporate Business Department in PJSC “Ukrsotsbank”, UniCredit Bank™, about the way the bank helps to implement non-standard business projects of clients

Currently when the economic situation is far from stability, there are companies in Ukraine which enlarge production volumes, develop new production spots not only in Ukraine but also abroad. Such companies consider the cooperation with a bank able to finance production programs using non-standard financial instruments as success factors. The history of financing non-standard investment project of business group “ELFA” is an obvious prime example of a successful tandem of growing Company and partner bank.

“ELFA” business group – is a vertically integrated group of enterprises, being one of the largest in Ukraine domestic hygienic and cosmetic producers. Products of such brands as “Zelena Apteka”, “Fresh juice”, “Sun Energy”, “Dr.Sante”, “Domashniy Doktor”, are already popular in Ukraine and abroad.

Aimed at increasing production volumes, expanding market outlets, optimizing trade flows and specializing in the activity of each structural subdivision of “ELFA” business group, in 2013 it was planned to purchase profile assets out of Ukraine’s limits. However, as it turned out, it was not that easy to implement a business project especially in financing attraction, related to assets acquisition from abroad. The thing is that each of the two prepared business plans meant attraction of average-term financing for the newly created firms of the group in Poland and Slovakia. “Moreover it is impossible for Ukraine’s banks to directly finance non-residents, we addressed to the banks with a request to finance a start-up!” – noted Group’s vice-president on financial issues, Volodymyr Melnychuk. "Neither bank could offer a smart financing scheme until we made a project presentation in PJSC “Ukrsotsbank”, UniCredit Bank™, office. Despite some difficulties, arising during the realization of projects, a close cooperation and synergy of all UniCredit subdivisions (PJSC “Ukrsotsbank” in Ukraine, Pekao Bank in Poland and UniCredit Bank in Slovakia), flexibility in approaches and efficiency in decision making made possible realization of the financing scheme for the business projects".

“ELFA” business group President, Dmytro Popov, when presenting the project in PJSC “Ukrsotsbank”, UniCredit Bank™, said: “Health, harmony, environmental friendliness, honesty and responsibility in front of consumers – these are our key values, with which we are going to the European Union with our projects. Creating unique receipts of cosmetics, the specialists of “ELFA LABORATORY” Research lab, use progressive technologies and innovation ingredients, created by the Nature. High quality raw, unique receipts, high culture of production at PE “PHARMACEUTICAL FABRIC “НВО ELFA” – are success triad of the products. Buying any product, created by the company’s specialists, one may be sure in the claimed effect, proved by numerous researches, great number of international awards and honored love of consumers”.

The scheme, designed and offered to a client, is so far the only experience for PJSC “Ukrsotsbank”, UniCredit Bank™, in Ukraine, and nevertheless, this transaction was successfully implemented by the bank.

PJSC “Ukrsotsbank”, UniCredit Bank™, issued guarantees, covering the liabilities of borrowers-new companies of “ELFA” business group in Poland and Slovakia (start-up spv), and the banks of UniCredit in the stated countries rendered financing under the issued guarantees of Ukrainian bank.

Such successful cooperation of UniCredit structural elements is one of the priorities of group activity and surely a competent benefit for the clients in comparison to other banks, functioning in Ukraine.

As a result, “ELFA” business group got a new financial partner – UniCredit Group, which demonstrates its readiness to non-standard solutions for satisfying clients’ needs by the implemented agreements. Taking into account that PJSC “Ukrsotsbank”, UniCredit Bank™, (Ukraine) covers all the risk of this transaction, the banks in Poland and Slovakia rendered their financial resources at affordable cost for the client: the total cost of the resource with guarantee issue amounted to less than 8% per annum. The property of “ELFA” enterprises in Ukraine and real estate, purchaseв in Poland and Slovakia on credit, were taken as collateral. Together with that PJSC “Ukrsotsbank”, UniCredit Bank™, took into account the desire of the client and the part of financing limit was left at its previous partner banks. In the process of structuring and implementing this agreement the client was rendered a constant consultancy support from the bank side and despite difficult document turnover in the three states, this transaction, despite its non-standard scheme, was successfully terminated in a rather short time.

Now, when “ELFA” business group got an access to financing, matching European standards, we have a firm confidence in even more dynamic development of its activity. UniCredit Group in its turn is preparing new financial instruments for the business group enterprises, which will make the financing cheaper. PJSC “Ukrsotsbank”, UniCredit Bank™, has once again proved that no difficulties can prevent from becoming business partner for the demanding client. Realizing such projects the bank not only raises its efficiency but also helps the clients to become market leaders.

Source: Finance.ua
Date: 25.11.2013

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