National Bank of Ukraine (NBU) has tightened the control over the subsidiaries of Greek banks in Ukraine, though the financial condition of such institutions does not cause concern for now, the NBU’s press office reports.

"The National Bank of Ukraine has tightened control over the activity of these banks considering the unstable situation in the euro zone and the existing risks associated with the country of origin of these banks’ owners. So, currently the NBU is monitoring the banks on a daily basis," the central bank’s press office said.

Now the National Bank is carried out the trend analysis of assets and liabilities balances, including the fund balances of non-residents.

In addition, the NBU has initiated regular meetings with the leaders and representatives of the shareholders and parent companies of the Greek banks’ subsidiaries in Ukraine to discuss prospects for the activities of banks, current changes and compliance with banking laws.

As a reminder, there are three Greek-registered financial institutions operating in Ukraine. By the beginning of April the Piraeus Bank S. A. owned 99.9873% the nominal capital of the Piraeus Bank ICB. The Alpha Bank A. E. owned 100% the nominal capital of the Astra Bank. These two were rated as 42nd and 79th respectively among 174 financial institutions managing in the country as of April 1, 2012. In addition, the Universal Bank (rated 25th in terms of assets) is a party to the Greek-registered Eurobank EFG Group (the EFG New Europe Holding B.V. owns 99.9649% the Ukrainian subsidiary).

According to the National Bank of Ukraine, as at May 1, 2012 the aggregate investments of the Greek-registered institutions registered into the nominal capital of Ukrainian banks amounted to 3.83 billion hryvnias or 2.2% of the total nominal capital of the Ukrainian banking system. The share of these banks in the assets is 1.44%, their share in liabilities is 1.48% and their share in individuals' funds is 1.2%.

"The performance indicators of these banks do not provide a critical impact on the indicators of the banking system. Currently, the mentioned banks are stable functioning banking institutions," the NBU stressed.

In addition, according to the National Bank data, such financial institutions timely discharge their liabilities before customers, have no debt to the NBU on stabilization loan and adhere to prudential requirements.

"General financial condition of banks is satisfactory and the level of capitalization of banks is adequate. The NBU has not been informed regarding the specific actions and intentions of the parent companies to adjust the activity of their subsidiaries within the territory of Ukraine," the National Bank’s press office summarized.


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