Banking in Ukraine
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The history of banking in Ukraine since Ukrainian independence in 1991 has seen since the late 2000s several periods of bank mergers and acquisitions of different natures.[1]
Contents
History
In the years before the 2008–09 Ukrainian financial crisis stakes in Ukrainian banks were mostly acquired by foreign firms who had great hopes that the Ukrainian economy and banking system would soon start to grow rapidly and had (thanks to the flourishing economy prior to the financial crisis of 2007–08) money to invest in Ukraine and lend out.[1] The new owners often bought banks at prices that were five to seven times above their actual value and (the banks they bought) had often a low quality of assets.[1]
During the presidency of Viktor Yanukovych (from February 2010 until his removal from power in February 2014) the mostly foreigners bank owners lost their hope in the prospects of the Ukrainian economy and banking system under the then Azarov Government.[1] Bank owners sold their assets to Ukrainian businessmen close to the government.[1] These new owners averagely paid 0.5-1.0 of the bank’s value.[1]
After the February 2014 Ukrainian revolution and due to the War in Donbass Ukraine's economy shrank 6.8% in 2014[2] and mergers and acquisitions of banks came to a standstill.[1] From early 2014 till November 2015 the National Bank of Ukraine declared 62 (Ukrainian) banks insolvent.[3] Since July 2015 foreign firms have start to by Ukrainian banks again.[1] On 17 December 2016 the National Bank of Ukraine withdrew the banking license of Finance and Credit and liquidated the bank.[4] On 1 July 2015, in terms of total assets, this was this bank placed 10th in the top 15 of largest commercial banks in Ukraine.[5]
See also
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 Merge and Acquire, The Ukrainian Week (9 October 2015)
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
Ukraine's Economy Contracted By 6.8 Percent In 2014, RFE/RL (20 March 2015) - ↑ Week in numbers, UNIAN (20 October 2015)
- ↑ NBU decides to liquidate bank Finance and Credit, Interfax-Ukraine (18 December 2015)
- ↑ (Ukrainian) Financial statements of banks of Ukraine, as of July 1, 2015, National Bank of Ukraine
External links
- Bank of Ukraine (Ukrainian)
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