Delo.ua, 26.11.2025
Vitalii Kucher, Board Member, CFO of Credit Agricole Ukraine
Crédit Agricole has been operating in Ukraine for 32 years and the group’s management has repeatedly emphasized that it has long-term development plans here. What tasks does the bank set for itself for 2026?
The international Crédit Agricole Group has a long-term vision for the bank’s presence in Ukraine. This became especially noticeable during the war: the Group does not pay dividends – on the contrary, it invests in business development and supports society. Philippe Brassac, who until recently headed Crédit Agricole S.A Group, has visited Ukraine three times since the beginning of the war. In October of this year, Philippe Brassac was appointed Chairman of the bank’s Supervisory Board in Ukraine.
Ukraine occupies a special place within the framework of the Group’s updated 2028 development strategy. The Group wants to strengthen its business in Europe and the axis that passes through France, Germany, Poland and Ukraine is becoming extremely important. The idea is to facilitate as much as possible the integration of Ukraine into the European Union, to enhance economic interaction between Ukraine, Poland, Germany and France.
We focus on the agricultural sector, because this is historically our key direction. At the same time, we plan to work more actively with the IT business and the car market. Currently, we are investing in the development of products and client programs, in cash management solutions for businesses, and developing leasing. We recently launched foreign currency leasing, offered affordable finance lease within the framework of the “5-7-9” program and already feel the need for a more systematic IT solution for it. We are also investing in the development of factoring. Our investments are aimed at improving the customer experience.
You mentioned that Philippe Brassac, the former CEO of Crédit Agricole Group, was recently appointed as the Chairman of the bank’s Supervisory Board in Ukraine. Can this be seen as a conscious personnel reinforcement of the business, increased attention to the Ukrainian “subsidiary” and plans related to its development?
Exactly. The goal of the bank in Ukraine today is to become a key financial partner in the country’s recovery investing in the strategic sectors and supporting economic transformation. And we are very lucky, because Philippe Brassac is an outstanding financier who has in-depth understanding of the Ukrainian context. He headed the Group for 10 years during both calm and turbulent times. He has a very consistent stance: the bank should be useful for society and customers. The energy he has brought to the work of the bank’s Supervisory Board, his interest and experience — all of it is valuable for the bank and, ultimately, for the economy at large.
Do you have a vision for the development of the bank and its role in the period of reconstruction of Ukraine after the end of active hostilities?
We are not waiting for the end of the war, because the country's recovery starts now. We are reinvesting the bank's profits in capital and business development here in Ukraine: in infrastructure, technology, customer service. The increase in the bank's capital will allow us to lend to clients in larger volumes when they need it. We maintain active operations, despite all the security issues. We attract foreign capital to Ukraine and cooperate with the EBRD, IFC within the framework of risk-sharing programs. This enables us to lend to enterprises located directly near the frontline. So that they obtain financing and can maintain their production. 290 million euros is the amount of financing within the framework of projects with the EBRD, IFC as of now.
From a longer-term perspective, Crédit Agricole will also focus on the rebuilding of energy infrastructure. We currently have about 10% of all financed capacities for energy system recovery. We plan to strengthen our positions in agribusiness, where we currently have more than 70 partner financing programs. In the agricultural sector, it is also very important to add elements of sustainable practices, "green banking".
As for car lending, our share of market here is about 25%. The goal is to maintain it and at the same time take a broader look at the entire automotive ecosystem: dealer lending, relations with insurance companies, development of used car sales. That is, we aspire to be not only a bank for customers who buy cars on credit, but to become a key partner for the entire ecosystem, from buyers to sellers and related services.
We also focus on comprehensive service for IT clients, we strive to cover the entire chain of IT ecosystems - from freelancers to large companies.
With what results is the bank approaching the end of 2025? What became the locomotive of the bank's profitability according to the results of the Q3 2025?
For 9 months of 2025, the bank's net financial result amounted to UAH 3.6 billion, the cost-to-income ratio is 35%. These are some of the best indicators on the market, confirming the effectiveness of the Credit Agricole model and our dedication to our business. A key change is taking place in the generation of financial results by our bank and the banking system in Ukraine as a whole. In previous years, income from transactions with government bonds or certificates of deposit accounted for a significant share. In the first half of 2025, we actively increased lending, including in the retail segment, we see a positive trend in leasing.
We have an increase in the total loan portfolio by 15% for the year and respective changes in profitability. That is, there is a demand for credit resources, and this becomes the main locomotive of our financial result in 2025. I hope that this trend will continue to strengthen.
The financial health of the bank is excellent in terms of capital and liquidity standards. We keep customers’ savings safe: the deposit portfolio is UAH 97.6 billion.
There is currently a discussion about a 50% tax on bank profits. In my opinion, the Government is currently using the same arguments as with the previous tax rate increase, but it is worth considering that the current income structure has changed. That is, now we are not talking about income from government securities, but about income from client business. After all, we are taking a measured and cautious approach to this, because we are aware that during a war it is difficult for the Government to provide for the expenditure part of the budget. Therefore, I believe that by doing our job we are working for the benefit of Ukraine and its defenders.
By the way, if we talk about the income structure, which one is growing - interest income or commission income?
Now the dynamics of interest income are better, which is associated with the resumption of lending. If we talk about services, then commissions do not increase. Despite inflation, banks do not increase service tariffs for customers. Although, if we look at expenses, on IT infrastructure, personnel, etc., there are prerequisites for an increase in the cost of banking services.
According to the latest data, what is the amount of taxes the bank has paid to the state budget of Ukraine?
In total, since the beginning of the full-scale war, Crédit Agricole Ukraine has paid UAH 10 billion in taxes and fees. According to this indicator, we are in the TOP 5 among Ukrainian banks. This is a rather significant amount and in general, the share of taxes from the banking system is quite significant in the overall structure of budget revenues.
Crédit Agricole actively supports “green banking” programs, which areas have been promoted the most as of the end of 2025?
Everything that supports sustainable development and “green” initiatives is our priority. The group is one of the largest players in this market globally, present in “green” bonds. In Ukraine, we want to offer our clients comprehensive solutions for business modernization. We have partnership programs, in particular, we cooperate with manufacturers of agricultural machinery specialized in using no-till and strip-till technologies, as well as other sustainable agricultural practices. This helps companies adapt to climate change, reducing the negative impact on the soil and increasing efficiency. Climate risk analysis is one of the main areas of our expertise. Agrarian experts, together with ESG specialists, have developed a specialized questionnaire for customers, which is as close as possible to the realities of agribusiness. The characteristic of our approach is that when we identify risks, we do not just talk about them, but also develop a plan for companies to improve the situation.
Who is the most active in attracting financing for energy independence and energy saving projects?
Agrarian enterprises are interested in greater energy independence. But farmers are not the only ones. It also involves logistics, processing, and trade. Now there is a demand for wind and solar energy, for the use of biomass, biogas plants. Solar panels are currently of greatest interest to customers, followed by biogas, which is used by agro-industrial enterprises that have their own raw materials, then wind power plants. In general, in almost all industries, we observe a demand for autonomy. In Ukraine, this is also prompted by the war: a lot of people are forced to invest in energy independence, because it is difficult to continue business without it.
What effective support mechanisms are available to businesses in the wartime? Does attracting financing from Western partners, international financial institutions have an effect on increasing the availability of business lending in Ukraine?
The mechanism of affordable financing depends on the client's business model and the purpose of financing. If we talk about small and medium-sized businesses, we have over 100 partner programs, mainly in agro-financing and leasing, which allow us to develop individual solutions. For example, a farmer may be looking for ways to purchase equipment, seeds or agrochemicals, thinking about how to sell the crop later. We try to provide the most profitable holistic solution for the entire production chain. The client comes with a request, and we are looking for an answer to where is the best place to buy everything they need and how to finance it. These are not necessarily farmers, the same approaches work for logisticians who have planned to expand their fleet, and for other enterprises.
What are the main components of the Crédit Agricole brand reputation? Can reputational capital really have a positive impact on financial performance?
We are part of one of the largest financial groups worldwide, operating in 46 countries. We believe that preventing corruption and maintaining an impeccable reputation are the key elements of business relations in the modern world. Providing services to our clients in full compliance with the law and the highest ethical standards are key foundations of the bank's strategy.
The bank's top management team visits the regions, communicates with key clients and partners on the ground. We know the businesses we work with well.
After all, the clients themselves say: if a business has opened an account with Crédit Agricole, this is already a testament to its business reputation.
Crédit Agricole Ukraine is a socially responsible bank that actively supports charitable and humanitarian initiatives. Tell us about the priorities in this area, the results and the main projects in 2025.
Our We Care! program is currently focused on supporting hospitals. It is especially important in light of the bank’s AIR Strategy – Aim is to Invest in Recovery. Its mission is to invest in the recovery of society. Since the beginning of the war alone, we have implemented over 100 charitable initiatives worth over UAH 190 million.
The largest initiative of all time was the construction of an intensive care unit in Kyiv Perinatal Center. We allocated UAH 50 million for a major renovation of the premises, the purchase of 130 units of modern medical equipment, and this year we donated an ultrasound diagnostic device. Over the past 2 years of implementation, this charitable initiative has united the efforts of 4 entities of the international Group.
The Center has specially equipped beds for babies born prematurely — we call such children “hasteners”. The reward for us is very moving photos of children. What fuels me personally is not so much the fact of supporting hospitals or purchasing resuscitation vehicles, but the stories of saved lives that stand behind them. The Group's support is also inspiring: regional entities from Italy and France are donating funds to good causes in Ukraine. We feel that we are truly part of a big family and that support has no limits or boundaries.
