Oschadbank celebrates the 20th anniversary

31 December, 2011 is the day of the 20th anniversary of the founding of the State Savings Bank of Ukraine.

That very day in 1991, in the eve of New Year celebrations, the National Bank of Ukraine registered the State Specialized Commercial Savings Bank of Ukraine as an independent financial institution of a young European state.

In fact the history of the savings banking business in the territory of modern Ukraine is rooted in the distant past. The first savings institutions in Ukraine emerged in Halychyna in the second half of the 18th century. The Galician Savings Office started its activities in Lviv on the basis of a special royal privilege in 1843. It used "Work and Save!" as a slogan and an ant as its mascot. The savings system was further developed at the times of tsarist Russia, Austro-Hungarian Empire and Poland and in soviet period. Another crucial date in the history of the savings business is December 26, 1922, when Narkomfinom approved a resolution "On the establishment of the state savings offices” the activity of which was aimed at raising of population’s funds to solve the state problems.

An important milestone in the modern history of the Oschadbank was March 20, 1991, when Verkhovna Rada of Ukraine adopted the Law of Ukraine "On Banks and Banking" defining the place, role and functions of Oschadbank. Memorable for the bank was and 21 May 1999, when the Cabinet of Ministers of Ukraine adopted the Resolution № 876, by which the bank was transformed into Joint Stock Company "State Savings Bank of Ukraine" (with the short name of JSC "Oschadbank").

Today the bank occupies the second place in the banking Olympus by the net assets, capital, loan portfolio. The Bank not only credits the economy effectively but remains a reliable tool for the money savings and accumulation of personal savings. In terms of individuals deposits Oschadbank Bank also holds the second position. A considerable role in the investors’ decision to entrust their savings to Oschadbank plays the fact that the bank - the only bank in Ukraine where the deposits have a hundred percent state guarantee.

Oschadbank has always been and remains a financial and credit institution nationwide with the most extended branch network. Nearly six thousand of its offices provide services to the clients in the remotest corners of the country. Besides individuals, the Bank has been effectively servicing large corporate clients: Pension Fund of Ukraine, State Enterprise "Energorynok" NAEC "Energoatom", "Konvi", JSC "Ukrtelecom", "Naftogaz of Ukraine" for many years. Currently Oschadbank is being a universal banking institution which not only provides its clients with a wide range of banking services and products, but constantly expands them.