IMB Group :: About :: Our History

2004 - February: Horizon Capital starts an “International Mortgage Program” in cooperation with ProCredit Bank.

2005 - January: International Mortgage Bank receives a banking license from The National Bank of Ukraine. 100% of the shares are owned by Horizon Capital.

2005 - March: IMB signs an agreement with Overseas Private Investment Corporation (USA) for
$30 m long-term debt financing.

2005 - October: Horizon Capital (USA) and Amber Capital (Poland) set up Favorit Kapital – a credit intermediary for Sales Finance.

2005 – November: Favorit Capital starts originating Sales Finance loans under the brand “Family Credit”.

2006 - April: IMB Group - a holding company registrated in Cyprus - is formed jointly by the shareholders of IMB and Favorit Capital.

2006 – May: Gregory Krasnov is appointed Chief Executive Officer of the IMB Group Holding. A new business plan and strategy are created.

2006 – June: IMB Group issues 46% of new shares to new Western shareholders and raises $31.5 mm of additional equity.

2006 – June: Joel Epstein becomes Chairman of the Supervisory Board of IMB Group after retiring as Chairman and CEO of AIG Consumer Finance Group Inc.

2006 – November: Todd Esposito formerly of GE Capital and Alfa Bank Russia joins as IMB Group CFO.

2006 - December: IMB signs an agreement with Financierings-Maatschappij voor Ontwikkelingslanden (Netherlands) for $5 m long-term debt financing.

2007 – January: Lukas Muller formerly of Home Credit International joins as Chief Operations Officer of IMB Group.

2007 – February: IMB Group signs an agreement with Financierings-Maatschappij voor Ontwikkelingslanden (Netherlands) for an additional $6.5 m long-term debt financing.

2007 – March: International Mortgage Bank (IMB) signs 10-year, $7 million credit line agreement with IFC, the private sector arm of the World Bank Group. This is IFC’s first housing finance credit line in Ukraine.

2007 – March: Peter Barcak formerly of VUB Slovakia joins as a Chief Risk Officer of IMB Group.

2007 – May: IMB Group has completed a $100 million equity financing round. The price of the financing round was $79.92 per share, valuing the company at $263.5 million post-money. With existing shareholders Horizon Capital, East Capital, US Investment Bank and other minority investors contributing $56.2 million of the round, an additional $43.8 million was subscribed by Warburg Pincus, the global private equity investment fund.

2007 – December: The EBRD provides a $20 million loan to IMB Group subsidiary - International Mortgage Bank (IMB). The loan is a medium-term facility to assist the development of the bank’s consumer finance business.

2008 – April: IFC, the private sector arm of the World Bank Group, expands its partnership with IMB Group and its subsidiary International Mortgage Bank (IMB) to support development of housing finance in Ukraine. To strengthen IMB’s mortgage lending operations and to support its planned residential mortgage-backed securitization IFC provided the bank with a $75 million long term secured warehouse line credit. IFC also invested $10 million in IMB Group equity to strengthen its capital base and improve its competitiveness.