2024-09-19T13:16:00+03:00 Finance 2024-09-24T04:00:01+03:00

Ukrainian news

Rada allows sale of any share of state banks

Rada allows sale of any share of state banks

The Verkhovna Rada has allowed the sale of any share of state banks.

The head of the committee, MP Danylo Hetmantsev, reported this on Telegram, the Ukrainian News agency reports.

"The Rada adopted bill N11474 on the peculiarities of the sale of state-owned shares in the authorized capital of banks in the second reading," he wrote.

The bill expands the range of potential investors whose sale the state is ready to consider and allows the sale of any state share in the bank (and not just 100% of the state's shares, as provided for in the current law).

In addition, it increases the requirements for legal entities that can be engaged by the state as financial advisors for sales; includes international donors to participate in the selection procedure of financial advisers for the sale and the procedure of the sale itself; updates the rules for determining the price and conducting the auction in accordance with the recommendations of the World Bank; takes into account the probability that only one potential investor can participate in the auction; brings the requirements to the sales contract in line with market practices; prevents the sale process from being adversely affected (such as a sale stop) by former beneficial owners or current minority shareholders.

As the Ukrainian News agency earlier reported, the state, represented by the Ministry of Finance, owns Oschadbank, Ukreximbank, PrivatBank, Ukrgasbank and Sens Bank.