On June 8 the National Bank of Ukraine approved the appointment of Gerhard Boesch as the new CEO of PrivatBank, finalizing the competitive selection process of the bank's head held by the Supervisory Board.

Commenting on the regulator’s announcement Sharon Easky, Chairman of PrivatBank Supervisory Board, said: “It is my great honor to welcome Gerhard; his appointment reflects a turning point for PrivatBank. The Supervisory Board is confident he will successfully lead the bank through its next important and exciting chapter. Adding Gerhard’s substantial leadership and banking experience to our already strong executive team ensures the future success of PrivatBank”.

Gerhard Boesch, an accomplished banker with over 35 years of experience in senior banking positions, brings to his role deep expertise and knowledge of the Ukrainian and European banking systems. He is extremely well regarded across Ukrainian and international financial circles for professionalism, strategic ability, and integrity.

In fulfilling his mandate Mr. Boesch will focus on executing the bank’s strategy that will continue to benefit employees of the bank, provide high-quality services and innovative solutions to clients, and deliver sustainable value for the shareholder.

Commenting on his appointment Gerhard Boesch said: “It is my great privilege to become a part of one of the most impressive transformation stories in banking history. Thanks to its flagship corporate governance reform and exceptional leadership PrivatBank was able to leapfrog in just a few years from being a failed bank to becoming a market leader and a backbone of Ukraine's financial system. I am grateful to the Supervisory Board for their trust, and I look forward to working with them, the management team, and employees throughout our extensive network to deliver on the expectations of PrivatBank's key shareholder - the Ukrainian people”.

The comprehensive reform of the legislation on state-owned banks, implemented by the Ukrainian Government in 2018, gave the Supervisory Boards exclusive authority and responsibility to select the Executive Management of banks. The competition for the position of PrivatBank CEO was rigorous, complied with all legal and regulatory requirements, and resulted in a shortlist of very qualified candidates.

“No one questions PrivatBank’s importance to the financial system, but few people understand the complexities and challenges of managing, transforming, and privatizing such a large and complex bank. Our leadership team will ensure that PrivatBank continues to be a driver of Ukraine's economy, a reliable partner and supporter of small businesses and a leading bank for almost 20 million Ukrainians”, added Sharon Easky.