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Minister of Finance of Ukraine Sergii Marchenko Held a Meeting with EBRD Representatives

Today, Minister of Finance of Ukraine Sergii Marchenko had a meeting with EBRD Managing Director for Financial Institutions Francis Malige and EBRD Director for Eastern Europe and the Caucasus Matteo Patrone.

Deputy Minister of Finance of Ukraine for European Integration Yuriy Draganchuk also took part in the meeting.

The main topics for discussion were reforms of Ukrainian state banks, restructuring of the Deposit Guarantee Fund, results of ongoing projects, and plans for future cooperation.

"The Government of Ukraine has already approved the main directions of activity of Ukreximbank, Oschadbank, PrivatBank and approved the development strategy of Ukreximbank and PrivatBank. The development strategy of Oschadrbank is in the Secretariat of the Cabinet of Ministers of Ukraine and in the near future it will be considered," said Sergii Marchenko.

At the meeting, the conditions of the future cooperation and granting by EBRD of the long-term financing in the form of the subordinated credit with the possibility of conversion into the shares of Oschadbank were discussed. The main conditions of EBRD are:

  • approval by the Cabinet of Ministers of Ukraine of Oschadbank's development strategy for 2021-2025;
  • development and coordination with the Ministry of Finance of Ukraine of the privatization plan and the strategy for the withdrawal of the state from the capital of Oschadbank;
  • updating, jointly with the EBRD, the program of transformation of Oschadbank.

Francis Malige said that the financing of Oschadbank is one of the strategic projects of the European Bank for Reconstruction and Development in Eastern Europe. The EBRD is ready to be involved in the process if necessary and to advise the Ukrainian Party to accelerate the achievement of results.

Additional information

On December 9, 2020, at the meeting of the government the development strategy of the joint-stock company "State Export-Import Bank of Ukraine" for 2020 - 2024 was approved by the supervisory board of the bank. The document stipulates that Ukreximbank will go through a comprehensive transformation, which is based on three components: the business model, the operating model, and financial stability.

On August 11, 2021, the Cabinet of Ministers approved the Strategy for Development of PrivatBank for 2021-2024. The reason for updating PrivatBank's Strategy is the need to further develop the potential of its core activities, to improve operations, as well as to increase its investment attractiveness.