CEO of PUMB Serhii Chernenko Took Part in the 10th “Conductors of Change” Forum

On November 19, the jubilee 10th “Conductors of Change” Forum took place — one of the most important platforms for dialogue between business leaders, government representatives, the civic sector, and thought leaders. For many years, the event has brought together those who seek to transform the country, develop new approaches, and shape a vision for the future.

Traditionally, the Forum focuses on strategic issues of Ukraine’s development, the role of business in transformational processes, and the challenges that shape the new Ukrainian reality.

One of the central discussions was the panel “Retrospective that Shapes the Future,” dedicated to analyzing how Ukraine has changed over the past decade. Participants discussed transformations in society, the economy, state institutions, and technology, as well as the achievements and losses the country has experienced during the war. The aim of the panel was to reflect on the path Ukraine has taken over the past 10 years and identify the fundamental shifts that will shape its future.

As part of this discussion, PUMB CEO Serhii Chernenko delivered several key messages regarding the resilience of the banking system, the competitiveness of Ukrainian business, and the social role of the banking sector.

Resilience of the Banking System

Chernenko emphasized that after the 2014 financial crisis, the banking system went through a deep and complex transformation. During the so-called “banking purge,” the country lost a significant number of financial institutions, and public trust in banks was severely undermined. However, this turbulent period became the starting point for building an entirely new model.

“A full audit of banks’ assets, liabilities, and business models was conducted; corporate governance was rebuilt; risk management requirements were strengthened; and regular, rigorous stress testing was introduced. These steps made the system significantly more resilient — to the extent that even during the full-scale war, it demonstrated extraordinary endurance and readiness for extreme challenges, including potential power outages.”

He also noted that the reform reshaped not only banks but the entire economy. Strict financial monitoring procedures compelled companies to operate transparently, provide accurate reporting, and openly demonstrate cash flows — significantly improving the quality and integrity of Ukraine’s business environment.

Competitiveness of Ukrainian Business and Its Transformation in Recent Years

Chernenko separately highlighted the changing competitive landscape. In recent years, Ukrainian banks have made a “quantum leap” in the development of digital services. Most operations are now available online, and many Ukrainian banks — including PUMB — offer mobile applications whose convenience already surpasses that of several European institutions. He emphasized that both private and state-owned Ukrainian banks have become the primary drivers of innovation.

Despite wartime challenges, banks continued to lend actively to the economy. The growth rates of loan portfolios in several segments reached record levels — even compared to pre-war years — demonstrating the adaptability of Ukrainian business and its willingness to invest in development.

Chernenko noted that after 2022, Ukrainian companies became much more active in entering international markets. Despite the persistent lack of capital — one of the biggest constraints on growth — the wartime environment has made Ukrainian businesses more mature, flexible, and competitive. He mentioned successful examples of international expansion in sectors such as restaurant chains, FMCG, manufacturing, and distribution. In many cases, Ukrainian entrepreneurs demonstrate higher efficiency than their European competitors.

PUMB’s Social Mission

PUMB strives to be not only an effective business but also an institution that creates meaningful social impact. The bank actively supports the military, invests in blood donation initiatives, and develops programs aimed at working with veterans — from financial literacy training to grant support for veteran-owned businesses.

Chernenko also spoke about the “Accessibility Check” project, under which PUMB reimburses businesses for half of the costs of improving physical accessibility. In parallel, the bank continues to modernize its own branches and mobile app to make them more inclusive for people with disabilities.

The panel also featured Deloitte Ukraine Managing Partner Serhii Kulyk, who moderated the discussion, CEO of Starlight Media Oleksandr Bohutskyi, and CEO of the military trauma center Superhumans Olga Rudnieva.