Ministry of Finance of Ukraine arranged round table to discuss development strategy for state-owned banks

On September 22, under the initiative of the Ministry of Finance the Round Table "What state banks are needed and what is their position in the Ukrainian banking system" took place at Kyiv School of Economics. The event was attended by the deputy Finance Minister Artem Shevalyov.

The Ministry of Finance is working to secure the stability of the financial and banking system of the country as well as to better protect the rights of account holders at Ukrainian banks. In line with these goals, the Ministry of Finance is continuing to implement steps necessary to increase the efficiency of corporate management at state-owned banks. Jointly with its partners, the Ministry elaborated the Law on the Deposit guarantee Fund which significantly enhances the protection of citizens’ savings and makes the activities of the Fund more efficient and transparent. The Ministry is now finalizing the «Route Map» of the strategic development of state-owned banks which shall be soon presented to the Government and to the public.

The new development strategy of state-owned banks will define its impact on the economy, their market share and changes needed in the corporate management to increase their efficiency. The «Route Map» will outline the main areas of activity of state-owned banks. The next stage should be the development or amendment (till the end of this year) of individual route maps by each state-owned bank for next 5 years.

«The development strategy of state-owned banks should not only contribute to their better performance, but also should help to recover the entire banking sector, which would improve the environment for investors and stimulate return to economic growth», the deputy Finance Minister and chairman of the Working group for the development of the “Route Map” Artem Shevalyov said.

The coordinator of the Working group for the development of the “Route Map”, the advisor of the Minister of Finance for banking Yuri Blashchuk held a speech at the Round Table meeting and reported in detail on the progress of the development of the Route Map. 

The event was also attended by the Head of NABU Roman Shpek, the advisor of the President of Kyiv School of Economics Igor Shumylo, project manager for finance sector reforms of the National Reform Council Victoriya Strahova, representatives of the World Bank and Ukrainian banks as well as economic experts and experts from scientific and analytic institutions.

In the end of the event the deputy Finance Minister Artem Shevalyov thanked the experts for the discussion and proposals to improve the development strategy of state-owned banks.