NEW YORK, Feb 13 (Reuters) – Ukrainian President Volodymyr Zelenskiy met with bankers from JPMorgan Chase & Co (JPM.N) last week to get their advice on rebuilding the country and weathering the financial impact of the war, according to a statement from the president’s office.
Officials from the country’s economic ministry and executives from JPMorgan’s asset management and investment-banking arms signed a memorandum of understanding for the bank to advise on rebuilding, financial stabilization, sovereign credit ratings and economic ties to Europe.
“We are proud of our long-standing support of Ukraine and committed to doing our part to lift up the country and its people,” Jamie Dimon, chief executive officer of JPMorgan, said in a statement. “The full resources of JPMorgan Chase are available to Ukraine as it charts its post-conflict path to growth.”
The bank also convened a virtual investment meeting attended by 200 corporations, investors and financial firms as Ukraine steps up efforts to lock in financial support from businesses to help rebuild the country.
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Global ratings agency Moody’s last week downgraded Ukraine’s sovereign rating to ‘Ca’ from ‘Caa3’, as it expects the war with Russia to create long-lasting challenges.
Staff from the International Monetary Fund will meet with Ukrainian officials in Warsaw this week, a source familiar with the plans told Reuters on Friday, as Ukraine presses for a multi-billion dollar borrowing program to cover its funding needs due to the war.
JPMorgan has helped the country raise about $25 billion in sovereign debt since 2010, and was the sole purchaser of $350 million of Ukrainian bonds in March 2019. The bank also led the nation’s debt restructuring of more than $20 billion in 2022.
Reporting by Lananh Nguyen and Saeed Azhar, editing by Deepa Babington