Raiffeisen Bank Aval (Kyiv) has become the third bank in Ukraine that will be able to carry out operations with the cash reserves of the National Bank of Ukraine (NBU) and also provide regional banks with cash and take surplus from them, reads a report on the NBU's website.

According to the report, Raiffeisen Bank Aval has 25 years of experience in organizing cash services, transporting currency valuables and collecting funds using the most modern technologies recognized by international financial institutions.

The bank has an extensive network of branches and departments located in 22 regions in Ukraine. A total of 507 departments and 39 cash offices (including 22 at the level of regional centers) were open and functioning in Raiffeisen Bank Aval as of September 1, 2017.

"Therefore, the board of the National Bank of Ukraine made a respective decision, which serves as a basis for concluding an agreement between the National Bank of Ukraine and Raiffeisen Bank Aval on the storage of the regulator's cash reserves in this bank," the report says.

Thus, NBU continues to delegate some of the functions it currently performs in the regions to other market participants - banks, which will help gradually move from a partially controlled model of cash circulation that currently exists in Ukraine to a delegated model, the report says.

Raiffeisen Bank Aval was founded in 1992. According to its data, as of January 1, 2017 Raiffeisen Bank International (RBI, Austria) owned 68.27% of the charter capital in the financial institution, the European Bank for Reconstruction and Development (EBRD) held 30%.

Raiffeisen Bank Aval ranked fifth among 88 operating banks as of July 1, 2017 in terms of assets (UAH 60.912 billion), according to the National Bank of Ukraine.