History
Hajibey Bank was established in Odesa in 1993. In 1995 it relocated its head office to Kyiv, renamed itself Intergasbank and specialized on clients in Ukraine's energy industry such as Ukrgas and Intergas. [3] : 24–25 Until 2009, its largest shareholder was Vasyl Horbal. That year, however, the bank underwent financial distress and was recapitalized by the Ukrainian state, resulting in public ownership of nearly 82 percent of equity capital. [3] : 26
When Anatolii Brezvin was appointed chairman of the Ukrgasbank board of directors in 2010, the decision was criticized as contrary to the law of Ukraine which required this position be filled by a person with three years of experience operating a bank. [4] [5]
Ukrgasbank had a strong commercial performance in the 2010s. In 2015 it acquired Bank Kyiv, [3] : 28 and became the country's fourth-largest bank by total assets. The Ministry of Finance announced its intent to privatize it in 2018–2019. [1] As of 2019, however, the government of Ukraine owned 95 percent of its equity capital, [6] and Ukrgasbank is still under public ownership as of 2024.
By 2024, the bank had 220 branches servicing around 1.5 million individuals and over 87,000 corporate and SME customers. [7]
In April 2024, Ukrgasbank announced a partnership with the European Bank for Reconstruction and Development to provide credit to Ukrainian small businesses despite the difficult conditions of the Russo-Ukrainian War. [7] Ukrgasbank has also received funding from the International Finance Corporation. [6]
The economy of Ukraine is a developing, upper-middle income, mixed economy. It grew rapidly from 2000 until 2008 when the Great Recession began worldwide and reached Ukraine. The economy recovered in 2010 and continued improving until 2013. The Russian incursion in Ukraine caused a severe economic decline from 2014 to 2015, with the country's gross domestic product in 2015 barely surpassing half of what it was in 2013. In 2016, the economy again started to grow. By 2018, the Ukrainian economy was growing rapidly, and reached almost 80% of its size in 2008.
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