The Supervisory Board of PrivatBank has appointed Marcus Krabbenbörg as Deputy Chairman of the Board — Chief Digital Transformation Officer — following an open competition. What stands out is not just his name: Krabbenbörg comes from UOB (United Overseas Bank) — one of the three largest banks in Singapore alongside DBS and OCBC. These institutions are considered the benchmark for Asia's digital banking model, where mobile applications have long replaced branches as the primary customer contact point.

What he will do

The new top manager's responsibilities include digital services, technological infrastructure, and the integration of artificial intelligence into the bank's operations. This is not an abstract direction: PrivatBank launched its AI Transformation Program in autumn 2025 with separate AI units for each business area. Krabbenbörg essentially takes over management of a process that is already underway.

"Ukraine is already one of the most dynamic digital banking markets in the world today, and this has been made possible in large part thanks to PrivatBank's innovative role. That's why this is a great opportunity for me to work with the team on creating the next generation of banking — even more personalized, faster, and built around artificial intelligence, data, and seamless customer experience."

Marcus Krabbenbörg — newly appointed CDTO of PrivatBank

Why UOB is not a random choice

Singapore's banking school has a concrete reputation: DBS was recognized as the world's best digital bank four times in a row according to Global Finance, and UOB and OCBC are moving in the same direction. At UOB, Krabbenbörg was responsible for technology and operations in the payments sector — that is, the part of banking where speed and reliability are not a competitive advantage, but a basic standard. Before UOB, he worked at Deutsche Bank, Travelex, and Lloyds Banking Group, and he studied at the Dutch Radboud University — mathematics with statistics and operational research.

For a bank that serves over 20 million customers and is essentially the country's digital infrastructure during wartime, this appointment is not about image. It's about who will technically manage the system on which salary payments, pensions, and social assistance depend.

Context: a state bank in an open talent market

PrivatBank is state-owned, but the competition for the position was open. This is not the first foreign top manager on the board: the bank is consistently attracting people with international experience, which in wartime conditions looks like a deliberate bet on reputation among future investors and reconstruction partners.

• Position: Deputy Chairman of the Board for Digital Transformation (CDTO)
• Previous employer: UOB, Singapore — MD, Head of Technology and Operations, Payments
• Start date: June 1
• Priorities: AI integration, digital services, technological infrastructure

The open question here is not rhetorical: if PrivatBank with its new CDTO truly implements the Asian model — where a bank is a platform, not just a financial institution — will it be ready for privatization, which the Ministry of Finance is considering after the war ends, with a significantly higher valuation?