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«We have adhered to European standards throughout our 30 years in Ukraine», – Oleksandr Kurkin, Credit Agricole Bank
14 июня 2023
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People usually value stability in life. Credit Agricole Bank has been operating on the Ukrainian market for 30 years, practically since the inception of independent Ukraine. Throughout this period, the bank has remained profitable while building its operations on the foundation of transparency, impeccable reputation and European standards of customer service. Oleksandr Kurkin, Director of Proximity Banking and Network at Credit Agricole Bank, spoke in the exclusive interview with Banker.ua about Credit Agricole’s accomplishments during these three decades, values of the team, plans of the financial Group in Ukraine and about the wish that the whole team is going to make on the bank’s birthday.
On the bank’s transformation and European approach
– Oleksandr, Credit Agricole Bank has been operating on the Ukrainian market for 30 years now – in May the Ukrainian team is going to celebrate this anniversary. What do you think has contributed to the success and the stable lasting operation of the bank in the country?
– Ukrainian Credit Agricole Bank is part of the financial Group with European values. It is the combination of European values and ambitions of the Ukrainian banking market that enables us to always remain stable and keep evolving.
Oleksandr Kurkin, Director of Proximity Banking and Network at Credit Agricole Bank
– During the long years of operations the bank has contributed to the development of the banking segment of the country, influenced its financial culture and transformed from within. What possibilities were available then, when the Group entered Ukraine in the wake of its independence and throughout the years? What possibilities does the bank envisage now?
– 30 years is a fairly long period, at the time I did not work at Credit Agricole. However, I am well versed in its history and values, fortes of the Group, thus I can state with confidence that the bank entered the Ukrainian market to support its Group customers, multinational corporations that were operating in the country at the time. That is how Credit Agricole began its history in Ukraine.
We started with the corporate business leading with our strong suit – the agrarian expertise, as the history of the Group originates from the agrarian segment about 130 years ago. Therefore, we also implemented this expertise on the Ukrainian market.
However, the time came when we made a decision to evolve as a universal bank in Ukraine. Then, in 2006, the Group bought Index-Bank and that is how Credit Agricole Ukraine came to be as a universal bank for everyday banking, both for individuals and businesses. In the course of years, we transformed and built the processes.
For instance, we managed to build a clear process of work with car loans and for 15 years already, we have been among leaders of the segment. We are the only bank to have the ISO 9001 certificate that guarantees high customer service quality and compliance of all processes with the international standards.
We continue our transformation as a universal bank by developing our corporate and retail business.
Philippe Brassac, CEO of Credit Agricole Group, during his visit to Kyiv, November 2022
– Considering Credit Agricole’s responsible European approach, how has the bank has fared during these 15 months of war in Ukraine? Which steps to support the country and the customers have been taken and what do you keep doing in this area?
– The previous year was hard for everyone, including us. When the full-scale war broke out, many people started questioning what would the European banks on the Ukrainian market do.
The Group has suspended its operations in russia and set up 10-million euros Solidarity Fund for its employees and Ukrainians affected by the war. Employees of the Group in France and abroad collect money and hand it over to support the Ukrainian colleagues as well as for charity organizations.
Credit Agricole Bank strive to contribute to the reconstruction of Ukrainian economy during the war as much as we can. In particular we have a joint financing programme for EUR 50 million with the EBRD to support critical industries, including agribusiness. In addition, during the previous year we granted over UAH 2.5 billion in loans under the state program “Affordable loans 5-7-9%”. The agrarian business is among the most active borrowers, as supporting it is one of the key priorities for the bank and for Ukraine. The bank also takes part in the Government State Guarantees Program, under which it has issued 1.2 billion hryvnias during the year. Certainly, our approach towards lending is prudent – we take into account the customer, the risks, the territories. Still, we finance and support our customers where it is possible.
During this period, we have had fruitful cooperation with our customers who are the ones to build the economy of Ukraine. When the war started, we suspended automotive lending but resumed it in summer – at the moment, few banks are brave enough to offer car loans. Our task is to support the paying customer and our partner that sells products, since it is crucial for both parties.
The bank is also investing in digital solutions in order to service customers with the utmost comfort and safety. We launched the new internet bank for business – “CORPEX”, and for entrepreneurs – “CA+ Pro”, which combine cutting-edge solutions and the best practices of the international Group.
We follow the customer-oriented model of universal banking focused on fostering well-rounded long-term relationship with customers
On the core principles of work and the team
– Stability, profitability, transparency and impeccable reputation are principles Credit Agricole Bank has put at its core. Considering the challenges of the previous year and the current one for the country, what enables your unwavering commitment to these principles?
– Our bank is part of the European Group and we have always adhered to such European standards as transparency, orientation towards stability, impeccable reputation.
We follow a large number of regulations and requirements that already exist or will come into existence for the Ukrainian banks on the country’s path towards European integration. It has been a certain culture since the very beginning.
Credit Agricole has been operating in Ukraine for 30 years and is among the systemic banks. As before, we follow the customer-oriented model of universal banking focused on fostering long-term relationship with customers. Synergy among different business lines of Credit Agricole ensures each of our customers has access to the wide range of various products and services.
Credit Agricole Team. 30 years with Ukraine in our hearts
We are 100% digital and 100% human. In 2022, we greatly accelerated the development of digital services in order to provide our customers access to the most high quality and safe daily banking. At the same time, we foster personal contact with customers, as it is paramount for us. Our network in Ukraine encompasses 141 outlets. We go wherever our customers go. By the way, we have recently opened our outlet in Borodianka that was almost completely destroyed due to the lasting occupation of the city and shellings.
– Credit Agricole is among top 3 of the most resilient banks in Ukraine. Such result in part can be achieved thanks to the consistent and efficient team work. Could you tell us about it? What never fails to motivate your employees, which personal and corporate values?
–The team is among the key investments for any organizations. Our values are at the heart of Credit Agricole’s corporate culture. They are a reflection of who we are and why the customers choose us. Our bank is coping with this period with dignity, our employees show professionalism, perseverance, mutual support, resilience, and, if the situation requires, even heroism, for instance, they keep working even from basements.
At Credit Agricole, we became a rock for our employees. We strive to provide financial stability for our team: we have allocated nearly UAH 71 million for additional payments and recently we raised salaries for the second time in a year. One of the crucial areas to support the employees is the guarantee of job security for everybody who had to evacuate from the dangerous regions. The war as a whole is a significant test for the entire companies and I feel we are doing very well in that regard.
Credit Agricole employees took part in a charity half-marathon, Kyiv, April 2023
Being responsible for the bank’s network, I am proud to say that at no time during this war did I have to tell my coworkers that they have to do their job, support customers, go to the office to work, as we all realize that we have responsibility to uphold before the country, the customers, the banking system.
Our team has demonstrated incredible conscientiousness in work processes. During active hostilities, my task was only to make sure that there were no direct risks and that people go to work and are aware that if there is feeling of threat, life is more valuable.
On the strategic areas and product development
– Despite the war, the bank keeps being active on the Ukrainian market developing in-house products and services. Which points of growth do you envisage and the development of which banking products is in your focus?
–Growth of the country’s economy as a whole is essential for us as it means our growth as a financial organization, as the bank of Ukraine. Granted, we are planning to support the development of those areas where we possess good expertise, where we lead the market. These include work with multinational companies, agri sector, automotive lending.
Credit Agricole teams took part in a flash mob for the bank’s 30th anniversary in Ukraine
The IT sector is also of interest to us. It is a known fact that Ukraine has great potential for IT business development. We determined it as one of the strategic directions for us.
We invest in our digitalization. We are aware that the market is evolving and of the needs of our customers, in particular, the IT. Last year, we launched the new internet bank for IT professionals “СА+ Pro”. It is suitable for all entrepreneurs, but the needs of IT specialists are the focus of the product. Also, we are implementing the new client bank for legal entities – customers have more options for digital document flow there.
We also keep investing in our mobile application for individuals “СА+”. It is among TOP-3 market leaders according to the users reviews at AppStore and Google Play. It has even started getting specialized awards. Customers appreciate that it is really convenient and works extremely well. Still, we keep perfecting it.
In general, we invest a lot in digital services that enable us to serve customers remotely. It does not matter whether the customer is overseas or in Ukraine.
If one makes a decision to be socially responsible and support some area, one should do it consistently, not from time to time
– Credit Agricole is indeed an active player on the market of the agrarian lending in Ukraine. Considering the fact that this industry is now among the leading ones in the Ukrainian economy, what are your plans for this segment?
– It remains among our priority segments, as we possess valuable expertise there. The agrarian sector makes 50% of our loan portfolio. We support our customers as the war poses certain challenges for the agrarian businesses, especially in terms of logistics and transporting of the agrarian produce. Thus, every customer has their own stories, cases and they need our help.
I am confident that the agrarian sector will remain among our key areas of expertise since we are a very significant participant of this market.
– The bank also featured in such complicated segment of products as mortgage. Do you intend to promote this area and what prospects do you see?
– Firstly, most state experts claim that mortgage will be the primary area for the economy development and recovery in general. Secondly, everybody is aware that a lot of housing has been destroyed and it needs to be rebuilt or built from scratch and this area is in need of financing.
At the moment, mortgage is not the primary product that we would like to develop. As early as in 2021, we could see that our mortgage processes were quite complicated and took a long time. So we started redesigning everything since we were aware that mortgage is an essential product. In terms of support of our customers, we want to be prepared to finance those who are in need of this product.
In my opinion, one of the effects of the war was the increase of focus and expectations for this product. It is a matter of time, when the active phase of mortgage financing will commence. Therefore, our primary objective is to facilitate the mortgage process and to be prepared to support our customers.
On the CSR and wishes for the future
– The bank concentrates on corporate social responsibility a lot. You aspire to be useful. With this objective you launched the CSR program “We Care!” as early as in 2016. What have you managed to accomplish under the program, in particular, during the last year?
– The program is active since 2006 actually, it is an ongoing process. If one makes a decision to be socially responsible and support some area, one should do it consistently, not from time to time. That is why we engaged in it long before the war and we keep going, of course.
As part of our corporate social responsibility program “We Care!” since the war has started we allocated over UAH 24 million to support hospitals, charity foundations, those affected by the war. We cooperate with “Your Support” charity fund to allocate funds and support those in need.
Credit Agricole donated medical equipment for the Zaporizhzhia Regional Clinical Children’s Hospital
Let me add that our colleagues from other countries, where Credit Agricole Bank is present, have been really responsive to it. They know that we help and join in. For instance, jointly with the regional banks of the Group we procured power generators for children’s homes and social institutions during the periods of extended blackouts. In total, since the beginning of the war, the Credit Agricole group has allocated UAH 40.6 million to help hospitals and victims.
– In general, how did your customers change in the years of the bank’s operations? How does the bank adapt to the new demands from Ukrainians?
– Customers evolve as the country transforms. Last year, for instance, changed all of us fast. Great demand for remote services has appeared. Our digital team promptly made it a priority to address this need. Overall, we move in the direction where we have strong expertise and can offer a high quality product to the market and customers. We work on the additional directions that are new and strategic for us.
The Group’s regional bank, Credit Agricole Provence Cote d’Azur, donated an anesthesia machine worth almost UAH 2.5 million for Zaporizhzhia
– The context of today imposes short-term planning. Still, on one’s birthday it is customary to make wishes and dream big. Beside the nearest future, what are the plans of Credit Agricole Group and Ukrainian team for the years to come?
– Without a shadow of a doubt I am sure that on this birthday all our employees share the same wish – to celebrate victory as soon as possible. It is what each of us truly desires.
Talking about the Credit Agricole Bank, we will continue to develop a culture of longterm and reliable partnership with our clients. As a social responsible business we are and will remain part of recovery of Ukraine’s economy and infrastructure after the war. Therefore, we wish to integrate in the European environment in terms of economy and finances in order to engage foreign investments and implement recovery projects for the country. So that everyone would want to come here and get the citizenship of Ukraine or work here.