BANK SICH (JSC) is a universal bank established in 2011. Shareholders are the citizens of Ukraine, individuals.
Branches of JSC “BANK SICH” operate almost in all regions of Ukraine. Headquarters of the Bank is based in Kyiv; regional directorates operate in Lviv, Dnipro, Odesa, Kharkiv, Poltava, Vinnytsia, Cherkasy.
Key priority of the bank is servicing of small and medium business, development of network of branches and payment terminals.
“BANK SICH” has the license No 260 granted on November 21, 2011, General License of the National Bank of Ukraine on Currency Transactions in the International Markets, licenses of the Securities and Exchange Commission on the professional business on stock exchanges (brokerage, dealer operations, underwriting).
“BANK SICH” is the member of the Deposit Guarantee Fund, Association “Ukrainian Stock Exchange Traders”, Independent Organization of Banks of Ukraine, Association of Banks of Ukraine, Association “UkrSWIFT”. The Bank cooperates with Thomson Reuters Information Agency.
Since August 2012, “BANK SICH” is the affiliated member of the MasterCard Worldwide international payment system.
On March 01, 2018, “BANK SIC” is authorized by the National Bank of Ukraine to issue XPAY electronic money.
In 2014, NBU’s Commission for Supervision and Regulation of Banks, Oversight of Payment Systems (Minutes No 359, dated September 02, 2014), granted the permit to “BANK SICH” to register funds attracted as subordinated debt from investors in amount equivalent to USD 2 million, at the official NBU currency rate, till July 31, 2024.
On June 26, 2017, in connection with the increase of the authorized capital of the Bank, the Extraordinary Meeting of Shareholders of JSC “BANK SICH” approved the revised version of the Articles of Association. The authorized capital of the Bank increased to UAH 200,090,000.00 as a result of private placement of additional ordinary shares of PJSC “BANK SICH”.
Authorized capital of the Bank is being increased in order to implement the Law of Ukraine “On Banks and Banking Activity” and to insure the Bank’s financial stability. Shareholders of the Bank shall further increase the authorized capital and fulfill the NBU’s schedule of increase of the minimum authorized capital, according to the law.
On April 26, 2018, the Annual Meeting of Shareholders of PJSC “BANK SICH” (Minutes No 13,dated April 26, 2018) decided to change the type of the joint-stock company: from the public joint-stock company to the private joint-stock company. So, PUBLIC JOINT-STOCK COMPANY “BANK SICH” was renamed to JOINT-STOCK COMPANY “BANK SICH”. On June 15, 2018, the revised version of the Articles of Association of the Bank was registered in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Formations.
Since June 15, 2018, the official name of the Bank in the Ukrainian language, in line with the Articles of Association, is:
|Full name||Short name|
|JOINT-STOCK COMPANY “BANK SICH”||JSC “BANK SICH”|
JOINT-SOCK COMPANY “BANK SICH” (JSC “BANK SICH”) is the assignee of the rights and liabilities of the Public Joint-Stock Company “BANK SICH”).
On January 29, 2021, the National Rating Agency “Rurik” raised the Bank’s long-term credit rating to uaAAA level investment category with the forecast “stable”.
To rate the Bank, the National Rating Agency “Rurik” used the Bank’s corporate information and financial statements for 2018-2020, as well as public record and their personal database.
When rated, the rating agency generalized the key factors which determine the credit rating of the Bank.
The rating committee decided that positive factors for a high credit rating were the following:
— Large contributions into the public securities, which may be rated as low risk or next to zero risk investments, may become a reliable and stable source of the non-risk income. Based on the results of 2020, the Bank earned UAH 104.8 million from the public securities. As of January 01, 2021, the coefficient on the risk-free cost coverage reached the high (favorable) point – 68%.
— The Bank continuously increases the capital due to the positive performance. As of January 01, 2021, the regulatory capital amounted to UAH 248.5 million, which is by 10.2% more than in 2020. Additionally, in order to increase the capital, the Bank attracted USD 2.0 million of subordinated debt (a set of document has been submitted to the National Bank of Ukraine; review of the documents is scheduled for January 2021).
— High liquidity ratio. As of January 01, 2021, liquidity coverage ratio was majorly higher than the minimum fixed level. The ratio between liquid assets and current liabilities is 172%, when the recommended minimum is 70%.
— Sufficiently high performance. Based on the results of 2020, the Bank received UAH 432.5 million of total income as compared to UAH 283 million in the previous year. Net income is UAH 22 million, as the results of 2020.
— High coverage of the Bank’s loan portfolio with liquid collateral. As of January 01, 2021, loans granted to legal entities were covered by 89%, to individuals – by 88%.
— High financial transparency and disclosure of the Bank which was used for determination of the credit rating. This became a reliable ground for an accurate assessment of the Bank’s creditworthiness and for analysis of the financial and economic activity of the Bank.