As seen from VAB Bank’s retail business results, the number of deposits with maturities of 6 months and above saw a 20% increase
“Performance of the Bank in attracting liabilities from private individuals fully reflect today’s key trends in the deposit market: cash inflow into the banking system grows consistently against the backdrop of steady decrease in interest rates for hrivnia, as well as for foreign currency deposits. It is only natural that, amid gradual reduction of market interest rates, where banks begin to introduce restrictions on amounts increase for existing deposits, many of our depositors use their current advantage to open deposits maturing in 6 months or more,” Mr Anton Shaperenkov, head of VAB Bank retail product management department, commented.
The expert emphasised that all deposit products of VAB Bank – Fixed Term Deposit, Pension Deposit, and Do It Yourself Deposit – may be placed for extended periods, particularly considering that an opportunity to achieve a maximum interest rate available is often driven by a longer deposit maturity.
Reference data
Vseukrainsky Aksionerny Bank (VAB Bank) has been operating in the Ukrainian financial market since 1992 and belongs to the group of large banks in Ukraine according to NBU. Branch network consists of 150 outlets throughout Ukraine and a representative office in Budapest (Hungary). TBIF Financial Services B.V., a large international company based in the Netherlands, is among the bank’s shareholders. As of 1 July 2010, total assets of VAB Bank amounted to UAH 7.1 billion, regulatory capital – UAH 888.7 million.
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