European Bank for Reconstruction and Development (EBRD) has appointed Managing Director of the countries of Eastern Europe and the Caucasus Francis Malige as the new Managing Director in Financial Institutions sector. Mr Malige on this position will lead one of the Bank’s core departments with almost €3 billion in new investments in 2017 alone. This was reported by the EBRD press service.
“Mr Malige will retain his present position as Managing Director, Eastern Europe and the Caucasus until a successor has been appointed and a full handover completed. This will ensure continuity in a key position, demonstrating the EBRD’s commitment to Ukraine, Belarus, Moldova, Armenia, Georgia and Azerbaijan, the countries currently managed by Mr Malige.,” the message says.
He will assume his new duties as Managing Director Financial Institutions in August, when he replaces Nick Tesseyman, who is retiring from the EBRD.
During his period as regional Managing Director, a position he assumed in 2014, the EBRD staff in Ukraine has grown from 80 to over 100 and a further expansion of the Bank’s activities in one of its top five countries of operations is planned.
“The Financial Institutions team is a formidable machine, where I spent my first years at the EBRD and I am happy and honoured to re-join the team. At the same time, the Eastern Europe and Caucasus region is central to the EBRD and I feel extremely lucky to lead this team of fine colleagues through turbulent times until I am able to leave it in good hands,” Malige said.
As it was reported earlier, the Ukrainian government has injected some $15.5 billion into a multitude of state-owned banks since 2008. The country could continue spending funds without improving the quality of corporate governance in those organizations and their supervision.
According to Malige, a total of $5.8 billion was spent on additional capitalization of Privatbank, another $3.5 billion were injected in Oschadbank, while Ukreximbank received a total of $2.8 billion. Similarly, some $1.6 billion were invested into Rodovid Bank, another $1.4 went to Ukrgasbank, whereas Bank Kyiv received $0.5 million.