Chairman of Ukrsotsbank Notes Slowdown of Banking Market Growth Rates
OREANDA-NEWS. On May 20, 2008 such a view Ukrsotsbank Chairman expressed in an interview with journalists.
Chairman of Ukrsotsbank, Borys Tymonkin notes slowdown of banking market growth rates.
Borys Tymonkin: "The slowdown was to happen once, we understand it. Undoubtedly, those crises that are today seen on the world market help this. Plus internal situation - the fight against inflation and again the actions of the Government and the National Bank to limit growth of money supply.
We expected slowdown long ago, since 2002. Always planned less and get more, in spite of economic logic. But it can’t last forever. The banks already have decent borrowings – USD 31 billion, other sectors - another 35 billion. This year, the Ukrainian banking system must return USD 11,5 billion of external debt –that is already a serious figure. The entire state debt of Ukraine is slightly more".
According to the head of Ukrsotsbank, a recipe for effective action strategy during the market slowdown is the active development of USB as a universal bank. "Intensive work with retail as well as with corporate borrowers, thankfully good opportunities yet enough - Borys Tymonkin said. – I want to share interesting, in my opinion, observations. The situation this year was not a typical one: if usually in the first quarter the corporate sector "slept", in the January-March 2008 - we have grown as to loans to legal entities by two billion hryvnas.
Business appetite in the market is still very high, clients have many projects. They have only felt all phases of dynamic growth and immediately faced the fact that if last year it was possible to go to foreign markets, issue the bonds and think about the IPO, today they do not have those options. They have just to go to the bank and borrow money".