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Banking in Ukraine

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Title: Banking in Ukraine  
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Banking in Ukraine

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 1
  • See also 2
  • References 3
  • External links 4

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]

See also

References

  1. ^ a b c d e f g h Merge and Acquire, The Ukrainian Week (9 October 2015)
  2. ^ "Ukraine economy expected to shrink 8%". Yahoo. 2 Oct 2014. 
    Ukraine's Economy Contracted By 6.8 Percent In 2014, RFE/RL (20 March 2015)
  3. ^ Week in numbers, UNIAN (20 October 2015)

External links

  • Bank of Ukraine (Ukrainian)


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