The Ukrainian Bank of Development (VBR - Vse-Ukrainskiy Bank Razvitiya) controlled by Oleksandr Yanukovych, the eldest son of President Viktor Yanukovych, plans to increase its statutory capital by 91 percent, or by $12 million (Hr. 100), accordng to a decision by the bank's board of directors.
The central bank registered VBR in April 2009. By October 2010, the bank’s largest single shareholder was Donsnabtara, a company controlled by Oleksandr Yanukovych. According to the national bank, the bank ranked 138 among 176 operating commercial banks with $43 million (Hr. 349 million) in statutory capital.
Valentina Arbuzova, the mother of Central Bank Chairman Serhiy Arbuzov, was named VBR board chairman in November 2010. Her son Serhiy, previously unknown on the national scale, was appointed first deputy head of the central bank in September after working six years for another small bank, Ukrainskyi Biznes Bank (UBB).
Serhiy Arbuzov, 34, was appointed central bank chairman on Dec. 23, 2010.
The Ukrainska Pravda website revealed in a series of investigative reports during 2010 that many of UBB’s clients are companies involved with the privatization and renovation of Yanukovych’s 138-hectare estate outside Kyiv. Its investigation revealed that Oleksandr Yanukovych bought a controlling stake in UBB from Eduard Prutnik, a member of the pro-presidential Party of Regions Party with close ties to the president.
