The Ministry of Finance of Ukraine approved the strategy of PrivatBank development by 2022, according to the bank’s press release, Interfax reports.

“Acting Minister of Finance Oksana Markarova signed the order on approving the development strategy of PrivatBank JSCCB, previously approved by the independent supervisory board of the financial institution”, as stated in the message.

The document provides for implementation of the effective system of risk management, solution of the problem with non-performing loans as well as some organizational and management changes, aimed at increasing efficiency and reducing costs.

“The approved strategy is based on the dynamic forecasts of market growth; therefore, the bank will be maximally flexible in its efforts on stimulating the retail segment and SME lending. The informed participation in corporate segment will allow establishing the optimal balance between the financial attraction and risks”, the press office of the bank quotes Chairman of the Supervisory Board of PrivatBank Engin Akcakoca.

The strategy envisages that in 2022, PrivatBank will obtain UAH 8.4 bln of net profit and will be ready from state’s withdrawal from the capital. The total yield to the shareholder between 2018 and 2022 will be UAH 81 bln, not taking into account the funds, which PrivatBank intends to return through courts.

“We consider that the practical implementation of strategy provisions will contribute to increasing the strengths of the bank and its market positions, ensuring the profitability in line with best players. The independent supervisory board of the bank will be the guarantor of implementation of the approved development strategy”, O. Markarova said.