Governor of the National Bank of Ukraine Stepan Kubiv has had a working meeting with Mr George Massoud, Managing Principal at the global management consulting firm McKinsey & Company in Ukraine.

The main aim of the meeting was to discuss cooperation between the National Bank of Ukraine and the company as part of an initiative to devise the Ukrainian Banking System Reform Strategy.

In the course of the meeting, Mr Stepan Kubiv unveiled the priorities for banking sector reforms that include devising programs designed to resume lending and enhance the efficiency of corporate governance and risk management framework of banks, enhancing transparency of banks' ownership structure, consolidation of the banking sector, developing further some functions of the National Bank of Ukraine, including regulation and supervision.  

Mr George Massoud provided information about McKinsey & Company's expertise in implementing projects to transform and reform the financial systems across the world, pursuing potential funding opportunities for recapitalisation of the banking system in the international capital markets, and devising the strategy for central banks, etc. 

Mr George Massoud offered McKinsey & Company's advisory services and assistance to help the Department for Banking System Strategy and Reform of the National Bank of Ukraine implement its projects. In particular, McKinsey & Company consultants could participate, together with Ukrainian banks, in the strategic sessions to be held in May-June 2014, and provide consultancy services for the implementation of the project to devise the Banking System Reform Strategy, which will be tabled for discussion by the banking community prior to its approval by the National Bank of Ukraine Board.

Mr Stepan Kubiv thanked the representatives of the company for supporting banking sector reforms. The sides agreed to enhance cooperation.