Bank Lviv became the first Ukrainian bank to attract a foreign investor since the commencement of the war of aggression

The Dutch Good  Growth Fund (DGGF), managed by the consortium of Triple Jump and PwC, on behalf of the Netherlands Government, is becoming a shareholder of Bank Lviv. The amount of invested capital through the fund is EUR 4,5 million. This is a milestone for Bank Lviv. The significance of the event is heightened by the fact that, for the first time since the beginning of the war of aggression, a foreign investor applied to the NBU and received approval to purchase shares of a Ukrainian bank.

It is also a milestone for the DGGF, a fund that has successfully operated in emerging and fragile markets in more than 70 countries for the past 10 years.

This notable event testifies to the long-term support our Western partners provide to the Ukrainian economy, and the Ukrainian people.

“We are excited to become a shareholder of Bank Lviv through the DGGF fund to support the bank’s further growth and development. This investment will help to continue our support for Ukrainian businesses in such challenging times,” says Lida Vardania, Regional Manager and Senior Equity Investment Officer at Triple Jump.

The total capital increase of Bank Lviv amounted to EUR 5.5 million. In addition to DGGF, another EUR 1 million was contributed by the bank’s largest current shareholder, Swiss based responsAbility Participations. responsAbility Investments is a leading impact asset manager, specializing in private market investments aimed at contributing to the United Nations Sustainable Development Goals.

Volodymyr Tsapko, Head of Financial Inclusion Equity at responsAbility Investments comments: “We are proud of Bank Lviv’s resilience and its dedication to supporting Ukrainian SMEs. responsAbility’s additional equity investment, combined with the investment from DGGF, underscores our commitment to supporting the bank and the Ukrainian economy. We welcome DGGF as a new investor and look forward to the growth opportunities this partnership will create. Together, we reaffirm that confidence in Ukraine’s financial sector remains strong.”

Capital raised by the Bank Lviv from DGGF is a positive signal to all Western investors. Despite the challenges of the ongoing war, the Ukrainian economy not only withstood the invasion, but also demonstrated the ability to quickly recover. Perseverance, hard work, and skills of Ukrainian entrepreneurs are a valuable resource of our economy. With new partnerships, it will only multiply’.

The Chairperson of the Management Board of the Bank Lviv, Ashot Abrahamyan, shares further plans: “The partnership with DGGF opens up new opportunities for the Bank Lviv. And what is much more important, for our customers. After all, with this investment, financial capacities for the development of small and medium-sized businesses in the Western region of Ukraine are improving. We consistently adhere to the adopted strategy, focusing on stable financing of entrepreneurship.”

Bank Lviv highly values the support from the Netherlands Government through the investment of the DGGF . Through their commitment Bank Lviv can continue to  help Ukrainian small and medium-sized businesses reach new heights.

“To be free is to work for a common goal.”

About DGGF

DGGF (Dutch Good Growth Fund) is a Dutch public investment fund that supports financial sector development. The fund does so through supporting funds and financial institutions serving small and medium-sized businesses in emerging and fragile markets in over 70 countries. To date, the fund has over 50 investment objects and almost 400 million in raised capital.

About Bank Lviv

Bank Lviv is an SME bank that operates exclusively in the western regions of Ukraine.  At the end of 2023, it ranked 30th (out of 64 banks) in terms of its assets compared to other Ukrainian banks, which amounted to EUR 252 million, and a loan portfolio of EUR 170 million.

The bank actively creates international programs of financial support for farmers, exporters and importers, energy-efficient industries, and socially important companies.

Favorable credit terms, weighted but quick decisions within a week, personal manager-consultants – we do everything necessary for your business to grow and scale.

Bank Lviv is a bank for free people.