Ukraine and the European Bank for Reconstruction and Development (EBRD) have agreed on measures to support and reform PJSC State Savings Bank of Ukraine Oschadbank and signed a memorandum of understanding.
The memorandum was signed off by Ukrainian Finance Minister Oleksandr Danyliuk, Managing Director for Eastern Europe and the Caucasus for the EBRD Francis Malige and Chairman of the Board of Oschadbank Andriy Pyshniy, according to an UNIAN correspondent.
”The memorandum is part of the reform of state-owned banks, which will contribute to the transparency of state-owned banks, bring them to work on a more competitive basis. As a result of the reform, we will not have to spend money for the capitalization of banks,” Danyliuk said.
In turn, Malige thanked the minister of finance and the head of Oschadbank for cooperation.
The EBRD is the largest investor in Ukraine, and the bank has been working in Ukraine for nearly 25 years, knowing by now how to work in this country, he said.
According to Malige, the memorandum does not mean privatization of Oschadbank or its sale to foreign investors, it is about modernization of the state bank.
The goal is to work on improving the corporate governance of the bank and to get rid of political influence on the bank, and to improve its risk management system, according to the official.