KIEV, Oct. 5 - Ukraine's banking sector expects a wave of mergers and acquisitions that would reduce the number of banks operating in the country, said Petro Poroshenko, the head of the Council of National Bank of Ukraine.

"The crisis has shown that the Ukrainian banking system is not prepared for such challenges. Therefore, the banking sector expects a wave of mergers and acquisitions, [leading to] a decrease in the number of banks," Poroshenko said in an article published in Ukraine's Investgazeta.