Pravex Bank

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Pravex Bank is a private commercial bank based in Kiev, Ukraine. Founded and owned by Leonid Chernovetsky, it was licensed by the National Bank of Ukraine in 1992.

Pravex Bank was ranked the No.8 bank in terms of the size of retail loan portfolio by Ukraine’s central bank as at 1 October 2006. In the environment of a booming retail lending business, the bank, which is privately held by local investors, has successfully managed to be among such heavyweights as RZB Aval, BNP Paribas and OTP. Its retail loan portfolio, at US$0.3bn, is close to that of the state-owned saving bank Oshchadbank (US$0.4bn), which was ranked No.7..

Pravex Bank was registered as a banking institution by National Bank of Ukraine in December 1992. The bank was founded by local private entities and individuals. Incorporated in the country’s capital Kyiv, the bank started its business activities in the city and in the Kyiv oblast. In 1993, the bank opened its first offices there. Since its inception, the bank has served private entrepreneurs, SMEs and private individuals, providing them with innovative services (at that time) such as credit cards (VISA, Eurocard/MasterCard, Diners Club), cash payments for home utilities bills, etc. At the end of 1990s, the bank started its regional expansion by opening offices in key oblast centres and towns. By the end of December 2005, Pravex Bank ran 406 offices scattered all over the country. By February 2007, the network was extended to 520 offices in all 24 oblasts of the country and in the Autonomous Republic of Crimea. The bank’s client base consists of 40,000 business entities and over 2M retail customers. Pravex Bank is also an important precious metals trader in Ukraine.

Since March 2006, the chairman of the bank is Stephan Chernovetskiy.