Photo: Ukrgasbank

On August 14, the Financial Stability Council recognized that the privatization of stakes in Sens Bank and Ukrgasbank does not pose a threat to the financial condition and stability of the banking system. This was reported on Wednesday by the National Bank and the Ministry of Finance (their heads are co-chairs of this council).

The sale of these stakes is envisaged by a memorandum with the International Monetary Fund to reduce the state's share in the banking sector. As of the end of the first quarter of 2025, it amounted to 53.3% of net assets and 62.9% of households' funds. 

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What is happening with the sale of state-owned banks in Ukraine

The first step in preparing for the sale should be a decision of the Cabinet of Ministers based on the opinion of the Financial Stability Council.

The members of the Council agreed that privatization of Sens Bank and Ukrgasbank is possible, but only if it is balanced and aimed at increasing the value of the stakes.

There are currently seven state-owned banks in Ukraine: PrivatBank , Oschadbank , Ukreximbank, Ukrgasbank, Sens Bank, PIN Bank, Motor Bank.

Ukrgasbank was nationalized during the 2008-2009 crisis. PrivatBank became state-owned at the end of 2016, when it almost went bankrupt. Sense Bank, PIN Bank, and Motor Bank were nationalized during a full-scale war because of their owners' ties to Russia.

  • In September 2024, the Verkhovna Rada passed a bill (No. 11474) regulating the privatization of state-owned banks. It allows for the sale of any share of state ownership in a bank and expands the range of potential investors.
  • In 2023, the National Bank announced the procedure in which it is likely to privatize large state-owned banks: Sense, Ukrgas, Oschad, Privat.