OREANDA-NEWS. November 17, 2011. Foundation meeting of the new Business Association "Independent Banking Association of Ukraine " (IBAU) took place on November 4, establishing of which was powered by 60 Ukrainian banks.

IBAU is a Banking Association that feels the necessity of jointly defending its interests and forming relationship with National Bank of Ukraine.

The main motive of the establishing of this new association was the bankers’ understanding of the general need to consolidate the whole banking system. The fact that during the foundation meeting of the Association more than third part of the total number of banks in Ukraine has been taken part is the best evidence of its relevance.

The first step towards creating the Association was signing and publishing of the Declaration on the consolidation of the banking system in April of this year, which clearly underlines the challenges the entire banking community is facing: "The banking system is fragmented. There is no proper representation in relations with state regulator, lobbying and protection mechanisms are not effective enough. Moreover, there is the absence of honest dialogue between market participants that makes it impossible to respond consistently to all external threats. Increasingly, we see conflicts of personal interests and ambitions. System is facing narrow perception of the goals and tasks, fragmented participation of banks in the key decision-making process for the banking community, outdated methods and approaches to professional performance standards. All this facts do not allow the system to evolve dynamically.

Lessons of the last six months have finally convince all of us in futility of lobbying interests by individual banking groups. We should admit that this approach is wrong. It's time for sincere and constructive dialogue among all participants of the system. The dialogue where large and small, Ukrainian and foreign, public and commercial banks, rejecting ambitions and parochial interests will be able to hear and understand each other."

CEO of UniCredit Bank, PJSC "Ukrsotsbank", Boris Tymonkin has repeatedly stressed the importance of creating of such organization and once again pointed out the basic principles and aspirations of the newly formed Association "IBAU is created on the principles which are the same for similar organizations around the world. We aspire to create an organization that would be independent from political processes and ambitions of individuals and would effectively operate in order to protect the interests of its members. We are ready and we will build a dialogue with the government regardless to its political color and personalities, which represent it, after all the authority is changeable, but the banking system and its problems and concerns remains."

Chairman of UniCredit Bank, PAO "Ukrsotsbank", Boris Timonkin was elected as Head of the Board of the Independent Banking Association and Chairman of the "Starokyivskiy" bank, Jury Yaremenko was appointed as an Executive Director.