16:21 01.07.2015

Greek default will not directly affect operation of subsidiaries of Greek banks in Ukraine - NBU

2 min read
Greek default will not directly affect operation of subsidiaries of Greek banks in Ukraine - NBU

A Greek default will not directly affect the operation of subsidiaries of Greek banks in Ukraine and the Ukrainian banking sector in general, the press service of the National Bank of Ukraine (NBU) reported on Wednesday.

"Banks with Greek capital presented in Ukraine have a large stock of liquidity and do not require support of their liquidity on the daily basis. Today, there are almost no working channels through which the negative situation in Greece could directly influence stability of the Ukrainian banking sector. Tough restrictions for the movement of foreign debt capital are in effect in Ukraine, and this almost makes the worsening of problems with liquidity of Ukrainian subsidiaries of Greek banks impossible," the press service said.

As reported, two banks with Greek capital are operating in Ukraine: as of early May 2015 Piraeus Bank SA held 99.99% in Piraeus Bank ICB and EFG New Europe Holding B.V – 99.9652% in Universal Bank.

The press service of Universal Bank told Interfax-Ukraine that the events in Greece would not affect the operation of the bank.

Universal Bank ranked 28th among 133 operating banks as of April 1, 2015, in terms of total assets worth UAH 7.159 billion, and Piraeus Bank ICB -39th with UAH 3.663 billion), according to the NBU.

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