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Borys Tymonkin: competitive operating conditions and the bank shareholders’ position - are the main parts of its success

11.01.2013

Borys Tymonkin, CEO of PJSC "Ukrsotsbank", UniCredit Bank™, during the interview to the official periodic issue of the National Bank of Ukraine, "Vestnik NBU" named the principal components of the bank’s success.

"I came to PJSC "Ukrsotsbank" in 2001, - the banker said. - The position of the shareholders was crucial for the future development. They did not plan to credit their own business. We focused on the open market positioning. If a request for a loan didn’t meet market demands, we refused. Competitive operating conditions of the bank are the main guarantee of its success. The shareholders’ position is also the principal component of the bank success, since we know about the problems of many Ukrainian banks, which have suffered significant losses during the crisis. If shareholders care after their own interests, spend the bank's money on their business, this organization has no future. This is the biggest risk, and bank managers who report to shareholders, in fact, cannot stop it."

Concerning banking market competition Borys Tymonkin said: "The priority for the domestic market is the lending of individuals and exporters, whose financial condition is now stable. Banks compete for these clients by rates, terms and lending amount, due to this market develops, becomes more effective".

Borys Tymonkin noted that innovations implemented in PJSC "Ukrsotsbank" are another result of an urge to develop banking business at the modern European level.

These views B.V. Tymonkin expressed during the interview to the official periodic issue of the National Bank of Ukraine, “Vestnik NBU”. The full version of an article you may view in “Vestnik NBU” № 12 for December 2012.

 

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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