Source: Frontier Services               Date: August 17, 2011

XacBank will establish a USD 300 million European medium-term note program in conjunction with the financial firms ING and UBS. The program is part of the bank's effort to improve its model with inclusive banking, fair investment and other financial services.

“The Program will enable Xacbank to diversify its funding sources, and play an important role in the future development of XacBank,” said Frontier Securities in a press release.

The program allows the bank to issue notes in any currency agreed upon by XacBank its customer. The bank said it will use the program's proceeds meet an expected increase in financing needs for its clients. These predictions comes from the bank's projected period of growth. It also hopes to attract investors as a stable domestic, non-export institutions.