FUIB CEO Serhiy Chernenko Took Part in Forbes Banker 2025 Forum

On October 31, Kyiv hosted one of the key financial events of the year — Forbes Banker 2025, which brought together top leaders of the banking sector, government officials, analysts, and representatives of financial and fintech companies. Among the speakers were CEOs of leading Ukrainian banks, international experts, and representatives of the fintech industry.

As part of the forum, Serhiy Chernenko, CEO of First Ukrainian International Bank (FUIB), gave a public interview to Volodymyr Fedorin, Editor-in-Chief of Forbes Ukraine, titled “Strategy, Innovation, and Long-Term Focus.”
During the conversation, Mr. Chernenko discussed key trends shaping the Ukrainian banking sector and shared insights on strategic planning and building a successful business strategy.

Strategic Horizon

FUIB operates under a constantly updated three-year strategy, currently extending through 2028. Despite the challenging environment, the bank sees strong opportunities for business growth, portfolio expansion, and increased efficiency — provided that Ukraine continues to receive external financial and military support, primarily from European partners.

“The external environment is changing extremely fast — new technologies emerge, customer behavior evolves, and regulatory and security conditions shift. However, we always keep our long-term vision intact: the strategic ‘framework’ remains stable, while adjustments happen mainly at the tactical level. This helps us stay flexible without losing direction,” — emphasized Serhiy Chernenko.

Banking System and Investment Potential

The CEO highlighted that Ukraine’s banking system remains well-capitalized and attractive for investors, although the sector faces challenges from increased tax pressure.

“When additional taxes withdraw capital from the banking system, we effectively limit its ability to lend in the future. There’s a direct correlation — using capital today reduces tomorrow’s potential,” — noted Chernenko.

International Financing and the Role of IFIs

According to Chernenko, foreign investment and the participation of international financial institutions (IFIs) are critical for Ukraine’s recovery. However, their policies toward Ukrainian private banks remain uncertain.

“The current approach of international financial institutions is somewhat paradoxical — they tend to cooperate with state-owned and foreign banks, but not with Ukrainian private ones. Yet, it’s the private banks that are driving credit growth and demonstrating the highest efficiency on the market.”

Peace as a Challenge and an Opportunity

“We went through 2022 without a single bank closure — despite a 30% GDP drop and currency depreciation. The sector proved resilient and adaptable,” — said Chernenko.

He emphasized that this resilience boosts Ukraine’s investment attractiveness and that new international players are likely to enter the market.

“If we look at Europe, there are countries smaller than Ukraine with significantly larger and more efficient banks. This shows how much growth potential our sector still has,” — he added.

Chernenko also noted that banks must already prepare for European integration, as the National Bank of Ukraine expects readiness for this step by 2027.

Lending and Customer Base

FUIB aims to continue its growth primarily through mass retail and small business segments.

“A bank’s potential is defined by its active customers. Today, FUIB serves almost 2 million retail and around 160,000 corporate clients. We continue to grow despite population decline,” — Chernenko said.

The bank’s loan portfolio has grown by over 30% in the first nine months of the year, and moderate growth of 15–20% is expected in 2025.

Team and Strategic Vision

Maintaining a strategic focus during wartime is difficult, yet FUIB continues to invest in leadership development and future-oriented culture.
The bank:

• invests in employee growth;
• encourages teams to study global trends;
• promotes forward-thinking and strategic decision-making.

“When an organization stays focused on the future, it wins strategically,” — emphasized Chernenko.

Lessons in Risk Management

Having started his career as a risk manager, Serhiy Chernenko noted that risk management across the Ukrainian banking system has become far more mature and structured, thanks to effective regulation by the NBU.

“Strong risk management is not just about assessing risks — it’s about finding the right balance between growth, risk, and profitability,” — he concluded.

Among the event’s speakers were Andriy Pyshnyy, Governor of the National Bank of Ukraine; Olena Voloshyna, Head of the IFC Office in Ukraine; Volodymyr Lavrenchuk, Chairman of the Supervisory Board of Oschadbank; representatives of Interpipe, McKinsey, investment firms, and technology platforms.