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Borys Tymonkin: Partnership with IMF rises confidence in the state

01.10.2012

Borys Tymonkin, CEO of PJSC “Ukrsotsbank”, UniCredit Bank TM, participated in the debates “Ukraine will manage without the financial help from IMF”. The debates were organized by the “Effective Management” Fund and “Intelligence Squared” Company, which took place on 25 September 2012 in Kyiv.

Borys Tymonkin, supporting the thesis that Ukraine would have to take loans from IMF, stressed that IMF funds were the cheapest on their own and they enabled reducing the price for resources attraction from other sources, as investors and creditors were oriented to the availability of Fund’s working program in the state.

According to CEO of PJSC “Ukrsotsbank”, partnership with IMF is a good signal for foreign investors that in its turn proves the economy’s stability. “The possibility not to keep the money but to take them at the right moment – is a great thing. And it has double action. First of all – these are direct money from IMF, and secondly all other commercial creditors also look at you and, if you have the possibility to take money here, this means you are more stable. And so the resolution is higher and the price is lower,” – he explained.

Borys Tymonkin expressed doubts that Ukraine would manage to attract “ready cash” from China as the banks in this country were famous for extremely difficult procedure of funding.

Commenting another alternative source of financing - the Russian loans, CEO of PJSC “Ukrsotsbank” added that such an attraction would give Moscow one more level of influence on Ukraine to their anyway hard relations.

Among other positive moments of Fund’s financing the banker also pointed to the availability of coordinated demands about reforms implementation in the state.

“The main evil – is populism. IMF today is the only institutional enemy of populism, which is also ready to pay”, - stressed Borys Tymonkin.

 

NOTE

Ukrsotsbank is one of the largest universal banks of Ukraine, operating in the local market since 1990. The bank offers full range of services to individuals and corporate clients.

The renovated Ukrsotsbank emerged on 31 October 2016 as a result of strategic deal whereby 99.9% of Ukrsotsbank shares have been transferred from UniCredit Group to ABH Holdings S.A. (АВНН) in exchange for a minority 9.9% stake in ABHH. Thus, the bank has combined 26-year-old traditions of Ukrsotsbank’s client-centric attitude, European quality of service inherent to UniCredit, as well as international banking expertise of ABHH in a number of European countries including CIS. Thanks to the successful synthesis and synergy of the two assets of ABHH in Ukraine, Ukrsotsbank and Alfa-Bank, the banking market of Ukraine will see the rise of a new stronger financial institution. This, in turn, will spur up technological advance, increase efficiency, improve quality of service for the clients, reduce cost of banking services whereas their range will inevitably expand.

The extensive retail network of Ukrsotsbank consists of 237 branches, its headcount reaching nearly 5 thousand employees.


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