Business news from Ukraine

FIRST UKRAINIAN INTERNATIONAL BANK CUTS RATES ON INDIVIDUALS’ DEPOSITS

28 February , 2020  

First Ukrainian International Bank (FUIB, Kyiv) from March 2 reduces the rates on deposits of individuals in hryvnias by 0.5-1.5 percentage points (p.p.), to 8-12% per annum, depending on the type and term of the deposit.
According to the report on the bank’s website, FUIB will also reduce rates on deposits of individuals in U.S. dollars by 0.2-0.5 p.p. (to 0.3-1.1% per annum) and in euros by 0.1-0.5 p.p. (to 0.2-0.3% per annum).
“The revision of deposit rates is mainly related to the planned reduction in the refinancing rate of the National Bank of Ukraine (NBU), which is now 11% per annum, and should be reduced to 7% by the end of the year,” the bank explains.
It is specified that interest rates on deposits signed before March 2 will remain unchanged.
FUIB was founded in 1991. The owner of a substantial stake in the bank is Rinat Akhmetov (indirect participation of 100%).
As of January 1, 2020 FUIB ranked seventh in terms of total assets (UAH 63.16 billion) among 75 banks operating in the country, according to the National Bank of Ukraine.