422 non-bank financial institutions leave market in 2022

Ukrinform reports this with reference to the National Bank’s press service.

“In Q4 2022, the activity of non-bank financial services providers recovered slowly and unevenly, with vumes of services remaining much below pre-war levels. Over the year, the number of non-bank financial institutions (NBFIs) declined by 422, mainly due to some finance companies and credit unions exiting the market,” the report says.

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It is noted that in Q4, assets grew at finance companies only.

“In 2022 as a whe, insurers and finance companies reported an increase in their assets (by around 10%). The share of NBFIs in total assets of the NBU-regulated financial sector shrank gradually throughout the year, to 11.97% as of 31 December,” the report says.

As Ukrinform reported, one new player emerged in the non-bank financial services market in February, while 53 participants left.