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Poroshenko’s bank doubles profit in 2016

While many financial organizations in Ukraine curtail their networks and lose customers, International Investment Bank (IIB) belonging to Petro Poroshenko is developing successfully and taking leadership positions in the market. In the nine months of 2016, IIB increased profits to 31.4mln hryvnias (1.2mln dollars), which is twice as much as the profits for the same period of 2015 (15.7mln hryvnias), according to the bank’s financial report. IIB’s majority shareholder Poroshenko indirectly holds 60% of shares. Another big shareholder is Ihor Kononenko, the first deputy head of Petro Poroshenko Bloc’s parliamentary faction, with 14.9% shares.

Since June 2014, when Valeriya Hontaryeva headed the National Bank, 82 banks have been ousted from the market.

As EADaily reported earlier, Ukraine keeps out overwhelmingly Russian banks. At the same time, in the middle of 2016, the International Investment Bank took the fourth place in the banking system of Ukraine.

In the rating of banks for 2015, IIB rose from the 78th to the 32nd place. The Bank is opening more and more offices throughout the country. Most of its assets are in foreign currency. This is where the Ukrainian president stores his millions.

Permalink: eadaily.com/en/news/2016/10/31/poroshenkos-bank-doubles-profit-in-2016
Published on October 31st, 2016 06:13 PM
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