The Supervisory Board of PrivatBank decided on August 29 to terminate the employment contract of the bank's chairman, Gerhard Boesch, effective November 1, which will be his last working day at the bank.

"The reason for this decision: clause 5, part one, Article 41 of the Labor Code of Ukraine," the bank said in the disclosure system of the National Securities and Stock Market Commission.

This clause refers to dismissal at the initiative of the owner or an authorized body in connection with the termination of the powers of officials.

Boesch has been the chairman of PrivatBank's board since June 10, 2021. At the end of June this year, the bank announced that Boesch would be leaving, and the supervisory board had already begun the process of selecting a new chairman.

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

The supervisory board is grateful to Bosh for his incredible dedication, resilience, and the extraordinary business results achieved in a very unstable and challenging environment.

Boesch has nearly 40 years of experience in the banking industry. His career began in 1986 in Austria as an economic researcher, after which he continued his work in the banking sector in leadership positions in treasury, commercial banking, and trading departments.

From 2004 to 2006, he headed the global treasury and markets department at Raiffeisen Zentralbank, then in 2006, he entered the Ukrainian market as deputy chairman of the board at Raiffeisen Bank, and by 2010, he was appointed first deputy chairman.

According to data from the National Bank of Ukraine (NBU), as of July 1, 2024, PrivatBank ranked first (UAH 895.87 billion) in total assets among 62 banks in the country. The net profit of the financial institution for 2023 amounted to UAH 37.8 billion.