27 December 2022, Tuesday, 17:28 1015

Cabinet Appoints New Independent Members Of PrivatBank Supervisory Board

Редактор: Tetiana Herasimova

The Cabinet of Ministers on Tuesday, December 27, appointed a new composition of independent members of the Supervisory Board of PrivatBank.

This is stated in the message of the Ministry of Finance, Ukrainian News Agency reports.

By the decision of the government, in particular, the powers of the current composition of the independent members of the Supervisory Board of JSC CB PrivatBank were terminated and new ones were appointed, which were determined by the winners according to the results of the competitive selection, namely:

- Nils Melngailis, who has many years and diverse experience in banking in senior positions, as well as in the implementation of complex strategic tasks, especially in the field of restructuring of bank assets and attracting investments, as well as successful experience as an independent director of a number of banks and chairman of the supervisory board in one of the leading banks in the Baltic region, headquartered in Estonia;

- Zbigniew Jagiello, who headed PKO Bank Poland for more than a decade, which is part of the largest banking group in Central and Eastern Europe, which was transformed from a traditional bank (under state control) into a dynamic fintech, increasing its market value by 40% from PLN 33.6 billion to PLN 46.5 billion;

- Volodymyr Lytvyn, who has comprehensive management experience (about 20 years) in the banking, state and government sectors with expertise in banking, international finance and experience in establishing effective interaction with international financial organizations and implementing reforms in the banking and financial sectors;

- Federico Russo, who has extensive experience in banking, including the UniCredit group, more than 11 years of experience in the Ukrainian market with successful implementation of transformation projects and bank management in crisis and post-crisis periods;

- Mihai Ionescu, who has more than 20 years of experience in senior positions in the banking industry, in particular at Deutsche Bank, Credit Suisse Group, Raiffeisen Bank in Central and Eastern Europe, and headed a number of investment banking projects and advised the National Bank of Greece on the acquisition of the Finance Bank in Turkiye;

- Nadir Aziz Shaikh, who has extensive experience in banking (39 years of experience in Citigroup in 7 countries, including 6 years of experience in Citibank Ukraine) with the successful implementation of cases on transformation, corporate governance, crisis management and ensuring growth in an unstable environment. Since 2019, he has been an independent member of the supervisory board of JSC CB PrivatBank, chairman of the audit committee, member of the risk committee, member of the nomination, corporate governance and remuneration committee.

In addition, the order approved the terms of civil law agreements concluded with the new members of the Supervisory Board, and authorized the Chairman of the Board of PrivatBank to sign these agreements.

As Ukrainian News Agency earlier reported, in connection with the expiration of the legally established term of office of the supervisory board, the competition commission in the established manner (Resolution of the Cabinet of Ministers of 03/27/2019 No. 267) selected applicants for the positions of independent members of the supervisory board of PrivatBank.

Taking into account the results of the evaluation of candidates, the competition commission identified applicants for the positions of independent members of the Supervisory Board of PrivatBank, who were declared the winners of this selection.

According to the requirements of the Law "On Banks and Banking Activity," the appointment and termination of powers of the Supervisory Board members falls within the exclusive competence of the highest governing body - the Cabinet of Ministers of Ukraine.

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