The Association of Ukrainian Banks, the League of Insurance Organizations of Ukraine, and the Consumer Credit Market Association have signed a Memorandum of Cooperation that brings together the banking, insurance, and nonbank financial sectors of the market.
Among the Memorandum’s objectives are fair competition, equal cooperation among professional associations, and the alignment of Ukrainian legislation with European Union law in the field of financial services.
“The financial market consists of various segments that form a single ecosystem with a shared customer base and shared risks. The Memorandum lays the foundation for a consolidated market position where there is a common interest—primarily in preventing anti-competitive approaches to financial market regulation,” said Andriy Dubas, President of the Association of Ukrainian Banks.
The parties also agreed to work toward improving the public’s financial literacy and the accessibility of financial services.
“Today, the financial sector must act as a unified professional team on issues of economic development, European integration, and improving the regulatory environment. Combining the expertise of the banking, insurance, and non-banking communities will enable us to develop high-quality solutions that serve the interests of the market, the state, and consumers of financial services. I am convinced that the signed Memorandum will serve as an effective platform for implementing joint initiatives and strengthening the role of professional associations in the development of Ukraine’s financial sector,” emphasized Viktor Berlin, President of the League of Insurance Organizations of Ukraine.
The signatories of the Memorandum view it as the foundation for long-term cooperation in the financial market.
“For the Consumer Credit Market Association, this Memorandum represents an important institutional step. We recognize the financial sector’s shared responsibility for transparent rules, constructive dialogue with the regulator, and the implementation of European approaches. A coordinated position among professional associations allows us to prepare stronger and more balanced proposals for the government,” noted Oleksandr Kholod, Chairman of the CMCA Board.
The memorandum was signed by AUB President Andriy Dubas, LSOU President Viktor Berlin, and ORSK Council Chair Oleksandr Kholod.
The document remains open for other professional associations in the financial market to join. In the near future, the parties will present a plan of joint action for each area of cooperation.
For reference:
The Association of Ukrainian Banks (AUB) is Ukraine’s first banking association, founded in 1990. It has 99 members. It represents their common interests in relations with the Verkhovna Rada, the National Bank of Ukraine, and other government agencies; participates in the development of legislation regarding banking activities and the non-banking financial sector; and is a member of the European Banking Federation (EBF) and the U.S.-Ukraine Business Council (USUBC).
The League of Insurance Organizations of Ukraine (LIOU) is the first professional association of participants in Ukraine’s insurance market, founded in 1992. It brings together 25 insurance companies and related market participants and represents the common interests of insurers in their relations with government agencies.
The Consumer Credit Market Association (CCMA) is a voluntary platform for participants in the non-bank financial sector, established in 2025. It brings together 18 financial organizations, formulates a unified market position on regulatory initiatives, and ensures systematic communication with the National Bank of Ukraine.
