Oschadbank

State Savings Bank of Ukraine (Ukrainian: Ощадбанк України)
Company typePublic Joint-Stock Company
IndustryBanking, investment
Founded21 May 1999, (approved by NBU on 31 December 1991)
FounderGovernment of Ukraine
Headquarters
Kyiv
,
Ukraine
Key people
Sergey Naumov (Chairman) [1]
ServicesFinancial services
RevenueIncrease ₴ 10 billion[2][3]
Increase ₴ 5.8 billion
Increase ₴ 1.1 billion
Total assetsIncrease ₴ 73.9 billion
Total equityIncrease ₴ 17.4 billion[4]
OwnerGovernment of Ukraine
Websitewww.oschadbank.ua
Footnotes / references
All figures annualized for 2017

The State Savings Bank of Ukraine, or Oschadbank (Ukrainian: Ощадбанк), is a major public bank in Ukraine. In early 2024, it was confirmed by the National Bank of Ukraine as one of the country's systemically important banks.[5]

In April 2022, Oschadbank became a member of the Individual Deposit Guarantee Fund (FGVFO).[6]

As of the first of July, 2023, the bank had 1,183 branches and 2,790 ATMs throughout the country which carry out various functions, such as the disbursement of pensions, social aid, processing of utility payments and other banking transactions.[7]

The head office of Oschadbank is located in Kyiv. As of 2020, the bank received a net profit of ₴2.78 billion, which is ₴2.5 billion more than in 2019.[8]

History

With the dissolution of the Soviet Union, the Ukrainian operations of the Savings Bank of the USSR were reorganized as a stand-alone institution, the State Specialized Commercial Savings Bank of Ukraine.[9]: 25  On 21 May 1999, the latter was transformed by Decree of the Cabinet of Ministers of Ukraine into Oschadbank, a joint-stock company.

According to the British magazine The Banker, in 2014 Oschadbank ranked 10th in the ranking of the largest banks in Central and Eastern Europe and 367th in the ranking of the top 1000 world banks.[10]

As of the end of 2016, the bank had 3,650 branches and 2,850 ATMs throughout the country.[11] Together with PrivatBank, Oschadbank was one of the few two[clarify] Ukrainian banks whose clients' time deposits are fully guaranteed by state law compared to total of ₴ 200,000 in other banks in case of bank liquidation. (However, since martial law was declared in 2022 in response to the open, full-scale invasion of Ukraine by the Russian military, the deposit guarantee has been extended much more broadly[12][13])

For a long time, the bank remained the only one of 74 Ukrainian banks that was not a member of the Deposit Guarantee Fund. In April 2022, the Law of Ukraine "On Amendments to Certain Laws of Ukraine on Ensuring the Stability of the Deposit Guarantee System" came into force, which aims to increase depositors' confidence in the banking system and ensure its stability. It is within the framework of this law that Oschadbank joined the DGF.[14]

Interesting facts

  • Former lawyer of this bank Iryna Mudra in Ukraine became later Deputy Minister of Justice of Ukraine.[15]
  • In 2023, Oschadbank deservedly entered the top 200 companies in terms of revenue in 2022, demonstrating its successful performance and significant contribution to the world economy.

See also

References

  1. ^ "Oschadbank. About. Management" (in Ukrainian). Retrieved March 14, 2023.
  2. ^ "Головна сторінка | Ощадбанк" (in Ukrainian).
  3. ^ "Financial statements of banks of Ukraine" (in Ukrainian). National Bank of Ukraine. January 1, 2017.
  4. ^ "Головна сторінка | Ощадбанк".
  5. ^ "NBU Confirms Systemic Importance of 15 Banks". National Bank of Ukraine. 5 March 2024.
  6. ^ www.oschadbank.ua https://www.oschadbank.ua/news/vstupiv-u-diu-zakon-pro-stovidsotkove-garantuvanna-vkladiv-fizicnih-osib-u-ramkah-akogo-osadbank-priednavsa-do-fgvfo. Retrieved 2024-02-19. {{cite web}}: Missing or empty |title= (help)
  7. ^ www.oschadbank.ua https://www.oschadbank.ua/about
  8. ^ "Річний фінансовий звіт за 2020 рік" [Consolidated financial statements together with the independent auditor's report] (PDF). Ощадбанк (in Ukrainian). State Savings Bank of Ukraine. December 31, 2020.
  9. ^ Khaled Sherif, Michael Borish, & Alexandra Gross (2003), State-Owned Banks in the Transition: Origins, Evolution, and Policy Responses (PDF), Washington DC: World Bank{{citation}}: CS1 maint: multiple names: authors list (link)
  10. ^ Ощадбанк увійшов до десятки найбільших банків Центральної та Східної Європи oschadnybank.com, 07.08.2014
  11. ^ Number of branches and ATMs as of January 1, 2017, National Bank of Ukraine
  12. ^ "Deposit Guarantee Fund". Retrieved March 14, 2023.
  13. ^ "FUIB – a participant of the Guarantee Fund the individuals' deposits". Retrieved March 14, 2023.
  14. ^ "Вступив у дію закон про стовідсоткове гарантування вкладів фізичних осіб, у рамках якого Ощадбанк приєднався до ФГВФО" [The law on 100% guarantee of deposits of individuals entered into force, within the framework of which Oschadbank joined the FGVFO]. www.oschadbank.ua (in Ukrainian). Retrieved 2022-10-01.
  15. ^ "Ирина Мудра, информация и биография Ирины Романовны Мудрой" [Dossier - Business - Irina Mudra] (in Ukrainian). Retrieved March 14, 2023.
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