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e-Publication

30 June 2012

Western banks are ready to leave Ukraine

Many western banks can go away from the Ukrainian market, if  Ukrainian authorities do not guarantee equality of rights of creditors and borrowers, because many  western  banks suffered from credit frauds with participation of large and solvent business corporations in Ukraine. In Kyiv assume that the freed niche will be occupied by the Russian banks. But  they also can  face the same  problem.

At present, 176 banks  work in Ukraine, including 53 with a foreign capital. To this group belong as well  9 Russian banks,  that in the last few years considerably extended their presence on the Ukrainian market: according to official information, now 15.5% assets of all Ukrainian banking system  are concentrated in the hands of Russians,  that control  16.3%   of all credit and investment resources in Ukraine.

Though, the National bank of Ukraine (NBU) considers  that  Ukrainian financial sector recovered from a crisis and is stable,  the international rating agency  Moody's Investors Service announced  a negative outlook  for the Ukrainian banking system. One of  the reasons for  pessimistic estimation experts named the high share of  bad  loans - till 35%. According to some data, the volume of  NPLs  in the portfolios  of Ukrainian  banks exceeds $10 billion  and continues to grow.

Specialists say about the extension of such a phenomenon: large and fully solvent debtors - legal entities – remove credit resources abroad under the guise of  trade operations, and then begin procedure of bankruptcy  getting in Ukrainian courts  the  right not to return debts to their creditors.  

Till recently creditors preferred to suppress such a problem, fearing that it  would  negatively impact  their reputation. However, in winter three banks with a foreign capital appealed for  help to the President of Ukraine, General Prosecution Office, Security Service, Ministry of Internal Affairs and State Tax Administration. In a letter they explained in details  the chart of swindle on the example of the activity of large company dealing with production of packing  “Hacro Pat”, that borrowed millions dollars  in banks and moved  credit resources abroad  using  the  above mentioned chart. Then the company declared insolvency.

Now the representatives of sufferings banks began to prepare for informing society about their problems.  An unprecedented press-conference is being prepared in Kyiv,  where the participants plan to name  business corporations, engaged in  financial swindle in especially large sizes.  Some financial institutions with a western capital may  either reduce or  minimize their work on the Ukrainian market.

Новости Харькова



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