Ukrainian Bank of Development

Business

"CJSC Ukrainian Bank of Development was founded on April 23, 2009 by Donsnabtara LLC, with a statutory capital of 80 million UAH.
Donsnabtara LLC, which was founded in 1995, was at the time headed by Mrs. Valentyna Arbuzova, mother of the incumbent Vice Prime Minister of Ukraine.
Since January 27, 2011 Oleksandr Yanukovych has aquired 100% ownership over the statutory capital of UBD. This happened fewer than two months after Serhey Arbuzov, a close friend of Mr. Oleksand Yanukovych, was appointed head of the National Bank of Ukraine. The mother of Mr. Serhey Arbuzov, Mrs. Valentyna Arbuzova has served as Head of the Executive Board of UBD since its creation.
Since its establishment in April 2009, UBD has increased its capital 10 times over. In 2013, UBD doubled its capital over the previous year. Interestingly, on December 24, 2012, Mr. Serhey Arbuzov, a son of head of UBD Mrs. Arbuzova, became the First Vice Prime-Minister of Ukraine." - (yanukovich.info)

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