Banks in Ukraine

All banks in Ukraine are supervised by the National Bank of Ukraine, the country’s central bank. The Ukrainian central bank is also in charge of maintaining the national currency’s stability. It carries out governmental policies on the exchange rate, credit, money circulation, and other banks’ operations. Banks in Ukraine have a steady outlook, according to Moody’s Investors Service. The country’s stable prognosis is based on improved, albeit still elevated, macroeconomic stability and moderate levels of government debt, offset by ongoing governance problems, improved but still raised susceptibility to external shocks, and political risks.

Foreign investors lost trust in the Ukrainian economy and significant banks during the 2008-09 financial crisis. As a result, they sold many shares to Ukrainian businesspeople with close government links. These were offered at a meager price. The 2014 Ukrainian revolution and the Donbas conflict added to the volatility. The country’s GDP shrank by approximately 7% due to these two disasters. The Russian takeover of Crimea could have improved matters.

Two layers make up the Ukrainian banking system:

The National Bank of Ukraine is the central bank of Ukraine (NBU);. At the same time, the NBU is a state regulatory body with the power to oversee and control commercial banks in Ukraine; those banks are the ones that offer banking services to customers.

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All banks must follow NBU licensing and oversight. Additionally, all banks are participants in the Deposit Guarantee Fund of Ukraine, which protects deposits (funds on current or deposit accounts) up to 200,000 UAH per person in the event of bank insolvency. The Oshadbank is not included in this fund since, by Article 57 of the Ukrainian Law “On Banks and Banking Activity,” Ukraine directly guarantees its depositors’ funds. The Deposit Guarantee Fund does not cover deposits made by legal entities.

Additionally, the Ukrainian Parliament adopted a law guaranteeing 100% guarantees of retail deposits in all state banks on December 20th, 2016. (including Ukreximbank and Privatbank).

The National Bank of Ukraine’s role, the requirements for statutory banks, and an overview of the central banks that operate on Ukrainian soil are all detailed below.

 The National Bank 

 The National Bank is in charge of ensuring price stability, the stability of the financial system, and the stability of the national currency, the hryvnia (UAH). 

The NBU’s nine-member Council is its top legislative body. The Council is in charge of establishing Ukraine’s monetary policy fundamentals and exercising implementation oversight. The President appoints four members and the Ukrainian Parliament (Verkhovna Rada) four more. The President of Ukraine nominates, and the Verkhovna Rada appoints the head of the National Bank of Ukraine, who serves ex officio as the Council’s ninth member.

 The Commercial banks in Ukraine

The majority of banking services are provided in Ukraine. Loans to individuals and businesses are provided by commercial banks, along with other banking operations and services like currency exchange and cash transfer, and payment services. However, due to the country’s high inflation and economic instability, many Ukrainian banks have considerably restricted crediting during the past few years. Nowadays, most Ukrainian banks work to adopt and continuously improve online banking services.

Banks may be formed as cooperative banks or public joint stock companies. To operate, commercial banks need a license from the NBU. The NBU sets minimum statutory capital requirements, regulatory capital requirements, and capital adequacy standards. Banks are required to reveal and publish a wide range of information, including details about the services they offer, their financial reporting, their governing bodies, the ultimate beneficial owner(s), related parties, shareholders who own more than 10% of the company, and their network of divisions, among other things.

Best Banks in Ukraine


PrivatBank, founded in 1992, is Ukraine’s largest commercial bank regarding assets, clients, loan portfolios, and taxes paid to the government. It was also one of the country’s earliest privately held commercial banks and the first to issue debit cards and set up ATMs.

In 2016, the government seized PrivatBank to safeguard its 20 million clients and ensure financial stability. It employs about 22,000 people and has its headquarters in Dnipro. It offers banking goods and services through 2,240 branches around the nation.

Customer service: 00 380 56 716 1131

Headquarters: Kyiv, Ukraine

Founded: 1992, Ukraine


Oschadbank, also known as the State Savings Bank of Ukraine, was founded by the Ukrainian government in 1991. It employs approximately 38,000 people and has 3,650 locations to provide various banking products and services.

The National Bank of Ukraine designated the bank as a Systemically Important Bank in 2015. A bank or financial institution that fails and causes a financial crisis is classified as such. The headquarters of Oschadbank is in Kyiv.

Customer service: 00 380 44 363 0133

Headquarters: Kyiv, Ukraine

Founded: December 1991


Ukreximbank, a state-owned bank headquartered in Kyiv, was founded in 1992. It was also known as the State Import-Export Bank of Ukraine, and the National Bank of Ukraine designated it as a Systemically Important Bank. It is a crucial player in the country’s financial industry, lending and borrowing money from international financial institutions. The bank employs around 3,125 people and has 22 branches and 38 operational outlets.

Headquarters: Kyiv, Ukraine

Founded: January 1992


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