Smilyansky on the NBU’s decision: they want to remove me from office just before the launch of the postal bank
Ihor Smilianskyi made this statement following the National Bank of Ukraine’s decision to suspend him. The position of the head of ‘Ukrposhta’ is reported by ‘Minfin’.
Ihor Smilianskyi stated that the National Bank had found him to be in breach of the professional requirements for heads of financial institutions.
According to him, following this, the shareholder of Ukrposhta must, within five days, remove him from the company’s management and appoint another head.
Smiliansky linked the regulator’s decision to the process of establishing a postal bank.
“The NBU has decided that, as CEO of Ukrposhta, I do not meet the professional requirements. Accordingly, the company’s shareholder must remove me from office within five days and appoint another head,” he said.
Why he links this to the postal bank
Smiliansky stated that the NBU’s decision came at a time when “Ukrposhta” was close to launching banking services.
According to him, this is to take place within the framework of the Financial Inclusion Act, which is due to come into force shortly.
“Ukrposhta”, according to Smiliansky, has over 2 billion hryvnias in equity, is operating at a profit and was ready to set up a bank.
What will happen to Ukrposhta’s operations?
Smiliansky emphasised that the company continues to operate as normal.
He said that nothing is changing for Ukrposhta’s customers at present.
“The company is operating steadily, with no changes for customers, whilst we decide on our next steps,” he said.
Will Ukrposhta challenge the NBU’s decision?
According to Smiliansky, the company’s legal team is analysing the National Bank’s decision and determining the next steps.
Among the possible options, he mentioned a legal challenge.
Ukrposhta also plans to inform its international partners, in particular the EBRD and the IMF, with whom it has agreements.
Smiliansky also stated that he intends to defend his reputation in the courts, including international tribunals.
What the NBU decided
The decision was taken by the Committee on the Supervision and Regulation of Banking Activities and Oversight of the Payment Infrastructure.
Under the NBU’s decision, the authorised body of JSC ‘Ukrposhta’ must remove Smilianskyi from the company’s management within five working days and appoint a new head within two months.
Why is the NBU demanding his removal?
The National Bank stated that the decision was based on the results of supervisory actions concerning ‘Ukrposhta’ between 2023 and 2026.
According to the regulator, during this period the company was subject to fines and written warnings on several occasions due to breaches in the areas of payment services and financial monitoring, as well as shortcomings in risk management and internal controls.
The NBU concluded that Smilianskyy lacks a sufficient level of knowledge of the legislation and experience in applying it to properly manage the company as a provider of financial payment services.
Ukrposhta had previously paid a fine of 255,000 UAH imposed by the National Bank for failing to provide the requested information. At the same time, the company stated that it would challenge the regulator’s decision in court.
Smiliansky himself had previously spoken of pressure being exerted on the company and attempts to block the establishment of ‘Ukrposhta Bank’.
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