Ukrainian banks will unite for survival under conditions of direct competition, following signing of the agreement with the EU.

Executive Director of the Independent Association of Ukrainian Banks (IAUB) Serhiy Mamedov has said about this, the Independent Association of Ukrainian Banks informs.

"As distinct from many other EU countries, the Ukrainian banking system has a high percentage of national capital. This is an extremely important factor for avoiding monopolization of the market by foreigners. But for the survival under conditions of direct competition, our banks will have to consolidate, which will inevitably lead to reduction in the number of banks," a statement reads.

According to IAUB Executive Director Serhiy Mamedov, financial institutions will have to operatively improve the quality of servicing the clients and to expand the products range or, on the contrary, to occupy highly specialized niches.

"Now, while European financial institutions are weakened by the crisis, the banks with domestic and partially with Russian capital have a chance to occupy a worthy place on the Ukrainian market. In any case, we go to improvement of the quality of servicing and increase of the offer. And signing of the agreement with the EU can only speed up the process, as well as normalize and systemize its character," he added.

Ukrinform