A strategic investor for State Saving Bank of Ukraine
(Oschadbank) and State Export-Import Bank (Ukreximbank) should be attracted as
quickly as possible, the National Bank of Ukraine (NBU) has said.
"[Banks] will face strengthening of their
specialization and a switch to operations based only on the principles of
boosting return on invested capital. A strategic investor for Oschadbank and
Ukreximbank should be attracted as soon as possible. The state should withdraw
from all other banks in the shortest terms," the central bank said in its
first financial stability report posted on its website.
According to the document, stress tests conducted by
the NBU in 2015 showed that Oschadbank and Ukreximbank would require additional
capital in 2017 if no measures aimed at improving profit-making are taken: in
late January 2016. The government has additionally capitalized the two banks
for the total amount of almost UAH 14.3 billion from the national budget.
The central bank said that by April 2016 six banks
with a large state-owned stake in capital were operating in Ukraine (over 85%):
Oschadbank, Ukreximbank, Ukrgasbank, Clearing Center, State Land Bank and
Ukrainian Bank for Reconstruction and Development.
"Total expenses on additional capitalization of
state-run banks in 2008 through Q1 2016 reached UAH 88.5 billion [$8.7 billion at
the historic exchange rate]. In addition, spending on servicing government
domestic loan bonds used to capitalize the banks reached UAH 37 billion as of
late March 2016," the NBU said.
According to the report, plans regarding largest
state-run banks declared by the government envisage sale of at least 20% of
shares in Oschadbank to an investor by the middle of 2018 and the decision on
terms and conditions of gradual joining the bank to the Individuals' Deposit
Guarantee Fund starting from 2017.
The government also intends to sell at least 20% of
shares in Ukreximbank to an investor by the middle of 2018, sell a state-owned
stake in Ukrgasbank by the end of 2017 and withdraw from capital of other banks
in 2016.
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