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profits in 2021 as consumer spending increased and economies bounced back from the 2020 crash caused by the Covid-19 pandemic.
FUIB to buy Idea bank. According to Forbes Ukraine, the potential transaction was confirmed by FUIB's press service. The transaction is not complete, but in the coming days, the parties are likely to announce to the regulator the intention of FUIB to purchase Idea Bank.
Ukrposhta is entering the retail banking market with the purchase of a bank valued at UAH260mn. Ukrposhta purchased Alpari Bank for UAH260mn ($9.9mn). The Cabinet of Ministers and the Ministry of Infrastructure, the owner of Ukrposhta, gave a green light for the agreement. Now the National Bank must give its consent to the purchase.
Ukrgasbank announced record profits. For the first ten months of the year, the state-owned bank earned a record profit of UAH 2.7 bln ($103 mln). This financial result is almost four times higher than the profit for the same period in 2020. In October this year alone, the bank earned UAH 994 mln ($38 mln), announced the bank's press service.
British neobank Revolut has registered a subsidiary in Ukraine in September 2021. According to the state register of legal entities, the company is called LLC "Revolution Technologies Ukraine", its beneficiary is Revolut Ltd. In May 2021, Revolut is now actively hiring employees for their Ukrainian operation, mostly for remote work.
8.2 Central Bank policy rate
The National Bank of Ukraine (NBU) hiked interest rates by 50bp to 8.5% on September 9 as expected as it continues to battle soaring inflation.
“Tighter monetary policy will help rein in inflation expectations and bring back a steady disinflation trend toward the 5% target, which is projected to be met in 2022,” the NBU said in a statement, as cited by Reuters.
48 UKRAINE Country Report December 2021 www.intellinews.com