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At the crossways: financial system recoveres from the stroke but still some problems remain

17.01.2013

Borys Tymonkin, CEO of PJSC "Ukrsotsbank", UniCredit Bank™, describing the current state of banking system after the economic meltdown in 2008-2009, said that although the system had recovered from the stroke, still there were some problems that need to be solved immediately.

Concerning foreign economic relations the banker said that the system "came out of recession with honor", as total external debt reduced by almost a half and continued to decline; and the fact that "there were no foreign payment defaults" was significant.

According to the well-known banker, one of the main lessons of the financial crisis is imperfection of deposit agreements, namely, their definite period. Now Borys Tymonkin considers that the main problem is the absence of the solution in legislation that "the deposit must be really fixed one; parties must be aware of their responsibility to each other." "In accordance with a deposit agreement parties must be given a right of preschedule repayment, but it should be a right, not an obligation," the banker said.

Another vital problem, according to Borys Tymonkin, is corruption in the justice system and inadequate criminal responsibility for fraud. In particular, the banker assures that now offers on changes to the Criminal Code are in the process of preparation. "The objective, professional and impartial court is really needed for the public good, for the economic system improvement and the proper functioning of the banking sector," Tymonkin said.

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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