The European Bank for Reconstruction and Development (EBRD) has said that the reform PrivatBank’s corporate governance, led by an independent supervisory board, was effective, which resulted in sustainability of the entire banking system, the EBRD has said in a statement on the situation around PrivatBank.
“We have always welcomed the reform of PrivatBank’s corporate governance, led by an independent Supervisory Board, and the transformation of its business model. This has already resulted in stronger performance and sustainability of the entire banking system,” the bank said.
“We continue to support the efforts of NBU to reform Ukraine’s financial sector, including by introducing prudent corporate governance principles, and the Finance Ministry’s efforts to reform corporate governance in state-owned banks. It is important that Ukraine’s authorities continue their efforts to recover losses from former owners and related parties of failed banks. Ukraine’s international partners will be closely monitoring developments in this area,” the EBRD said.
