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 volumes 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.

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

“In 2022 as a whole, 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.