Bank of shadow money under NBU protection: why Andriy Pyshnyy did not shut down “Alliance Bank” of Pavlo Shcherban
The National Bank of Ukraine had every opportunity to remove Alliance Bank from the market long before it reached a critical point. However, instead of taking decisive action, there were years of inaction. Now it seems like deliberate protection that could result in a loud collapse—along with the regulator’s own reputation.
In 2022, the NBU issued nearly 3 billion UAH in refinancing to Alliance—an amount that does not match the bank’s actual scale. Larger systemic banks received less. The conclusion seems clear: Alliance was supported not out of necessity, but out of interest.
The reason for such “care” appears obvious—the bank has long been described as infrastructure for shadow financial flows. “Gray” and “black” money, gambling, and questionable payment schemes all require a “friendly” bank.
A second factor is influential clients. These are interests protected at the highest levels. The schemes reportedly include government bond (OVDP) operations involving a member of parliament and his circle.
A third factor is the NBU’s reluctance to admit failure. If Alliance collapses, the obvious question arises: how did the regulator fail to see violations for years? The blow would land directly on Pyshnyy and could lead to his resignation.
There is also an international dimension. The International Finance Corporation provided Alliance with $11 million. Where this money went remains unclear. In the event of a collapse, explanations will be owed not only to Ukrainian society but also to international partners.
At the same time, Alliance has long been embroiled in scandals: NBU fines, financial monitoring violations, involvement in gambling, and questionable operations. The bank has been unable to place an additional share issuance, effectively signaling financial weakness.
Key figures are no longer active: former board chair Yuliia Frolova is reportedly on an international wanted list, while main shareholder Pavlo Shcherban, according to media reports, is moving funds into other businesses instead of supporting the bank. Meanwhile, the NBU has not approved a new CEO, leaving the bank in a semi-paralyzed state.
The outcome appears inevitable: Alliance is being artificially sustained. But when the system can no longer hold, it will not be only the bank that falls—public trust in the National Bank and its leadership may collapse with it.
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