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UKRSIBBANK Becomes the Fifth Authorized Bank to Store NBU Cash

UKRSIBBANK Becomes the Fifth Authorized Bank to Store NBU Cash

UKRSIBBANK JSC (hereinafter "UKRSIBBANK" or "Bank") became the fifth bank entitled to carry out transactions with cash reserves of the National Bank of Ukraine (hereinafter "NBU"). The Bank will also provide other banks in the regions with cash and accept the surpluses and worn cash from them.

On 2 March 2021, the NBU Board adopted relevant Decision No. 80 On Granting UKRSIBBANK JSC the Authorized Bank Status.

UKRSIBBANK had addressed the NBU in writing with an intention to become an authorized bank to store the regulator’s cash. The Bank had provided all the necessary information.

UKRSIBBANK has 30 years of experience in arranging cash services and over 22 years of experience of transporting currency valuables and collecting cash with the use of the most advanced technologies. The Bank has an extensive network of standalone units in Ukraine with cash centers in Zaporizhzhia, Dnipro, Cherkasy, Kharkiv, Uzhhorod, Odesa, Lviv, and Vinnytsia.

Due to the expansion of the authorized banks network, the NBU will keep delegating the banks some of the functions it currently performs in the regions, within the framework of the Concept of Cash Circulation Management in Ukraine. This will enable a gradual transfer from the partial delegation model of cash circulation, which currently exists in Ukraine, to the delegation model.

Please be reminded that the NBU selects the banks to be involved in storing its cash in accordance with a number of criteria*.

For reference

The essence of the delegation model of cash circulation is that the NBU delegates part of the functions it performs in the regions to other market participants, i.e. banks and Cash-in-Transit (CIT) companies.
 
Currently, the following four authorized banks perform the functions of storing the NBU cash reserves and conducting transactions with them in all regions of the country: Oschadbank, PrivatBank, Raiffeisen Bank Aval, and FUIB.

* Regulation On the Criteria of and Procedure for Selecting Banks to be Involved in Storing Cash Reserves of the National Bank of Ukraine and Conducting Transactions with Them, approved by NBU Board Resolution No. 389 dated 28 September 2016 (as amended).

 

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