Speaking at a meeting with bankers, Deputy Governor of the National Bank of Ukraine Vladyslav Rashkovan said that the National Bank of Ukraine and the Independent Association of the Banks of Ukraine, with the assistance of McKinsey and Finalta, are to launch the Ukrainian banking sector efficiency assessment project.
“This project will contribute to building a solid footing for the future of the banking system, which is entering a new qualitative phase of the reform process, following the completion of the clean-up process. The project is intended to assess the current performance of large and medium-sized Ukrainian banks, which would enable it to boost their efficiency and profitability in the period ahead. This will primarily be achieved by detecting and eliminating excessive regulations, removing the unnecessary red tape and reporting burden, as well as through efforts to seek and deliver cutting-edge technological solutions that could be deployed by banks,” underlined Vladyslav Rashkovan.
According to him, the project will be implemented in several phases in close cooperation with the banking community, with the assistance of McKinsey and Finalta. The current performance and income growth of the Ukrainian banking sector will be assessed in comparison with peer markets and global economies based on the key performance indicators.
The project will result in the delivery of detailed key initiatives and recommendations to the banking community and the National Bank of Ukraine with the aim of enhancing the efficiency of the Ukrainian banking sector as a key determinant of long-term economic growth.
The project will be launched this week and is scheduled to run until the end of December 2015. Similar projects have been recently implemented in Poland and the Baltic countries. This important initiative, which is being implemented by the National Bank of Ukraine, the Independent Association of the Banks of Ukraine, and the entire banking community, will help improve the quality of services and enhance the efficiency of the Ukrainian banking sector,” said Iryna Shvakman, a senior partner at McKinsey and one of the project leaders.