The chairman of the board of the state-owned PrivatBank (Kyiv), the largest by assets and net profit in the country, Gerhard Boesch, will leave the bank after three years of work, and the supervisory board has already started the process of selecting a new chairman, the press service of the financial institution reported on Thursday in response to an inquiry of Interfax-Ukraine.

"Mr. Boesch will continue to fully perform his duties until a smooth transition of management and leadership on the board," the press service said.

The supervisory board is grateful to Boesch for his incredible dedication and resilience and for achieving extraordinary business results in a very unstable and challenging environment.

The state bank's supervisory board has already started the selection process for the vacant position. "This decision is based on the study and analysis of the current situation in Ukraine, as well as the vision and needs for the further development of PrivatBank," the bank said.

According to the information on PrivatBank's website, Boesch has almost 40 years of experience in the banking sector. His career began in 1986 in Austria as an economic researcher, after which he continued his activities in the banking sector in treasury, commercial banking, and trading department management positions.

During 2004-2006, he headed the global treasury and markets department at Raiffeisen Zentralbank, then, in 2006, he entered the Ukrainian market as a deputy chairman of the board at Raiffeisen Bank, and in 2010, he became the first deputy chairman.

According to the National Bank of Ukraine, as of May 1, 2024, PrivatBank ranked first in terms of assets (UAH 857 billion) among 63 banks operating in the country. The financial institution's net profit last year amounted to UAH 37.8 billion. The EBRD said that the state-owned bank's network currently includes 1,200 branches across the country, 6,800 ATMs, and 10,400 terminals.