OREANDA-NEWS. December 27, 2011. The largest Ukrainian bank PrivatBank has been recognized as The Bank of the year 2011 in Ukraine according to the authoritative The Banker magazine. The PrivatBank’s management received this prestigious award from one of the leading international financial publications at a special ceremony held on December 1st in London.

Recognition of PrivatBank as "The Bank of the Year" became the next confirmation of its market development strategy’s success and good asset quality and effective risk management. As it was urged by the Finance Editor of The Banker, Philip Alexander: “As foreign-owned banks in Ukraine struggle with high non-performing loan rates, or even exit the market altogether, PrivatBank’s leadership position grows stronger. The flexibility of its business model is key, with a rapid strategic shift away from high-risk sectors such as mortgage lending to main corporate clients and transaction banking in both corporate and retail spheres”.

Magazine experts also noted that innovative technology projects enhanced PrivatBank to increase the number of customer transactions by 57% in the first half of 2011. Another important advantage of this strategy is the Bank's ability to attract retail deposits which for the first six months of 2011 grew up by 20%. This steady source of funding will allow PrivatBank to participate actively in the reconstruction of national economics.

Annualy leading financial experts from leading magazine The Banker (owned by The Financial Times group) determine “The Bank of the Year” among financial institutions from 150 countries. More than 500 candidates struggled for this prestigious award this year. Banks were evaluated by a group of criteria including quality factors (profitability, asset quality and financial stability) and quantitative ones (large capital formation, M&A deals, new technologies' implementation, products or business sectors).