The Cabinet of Ministers approved the Procedure for engaging an advisor for the sale of bank shareholdings
The Cabinet of Ministers of Ukraine adopted the resolution “On Approval of the Procedure for Engaging an Advisor for the Sale of Bank Shares”. The approved document defines the mechanism and criteria for competitive selection of the advisor, as well as his main tasks and powers.
The advisor will prepare proposals and recommendations on the procedure for conducting competitions, evaluating participants, choosing the optimal methods for selling shares, increasing their market value, and resolving other issues related to preparing for the privatization of state-owned banks.
The involvement of a professional advisor is designed to create appropriate conditions for the transparent and effective sale of bank share blocks owned by the state. This will contribute to reducing the share of the state sector in the banking system, attracting additional funds to the State Budget and developing competition in the financial market.
The resolution was developed in accordance with the Law of Ukraine “On the Peculiarities of the Sale of State-Owned Shares in the Authorized Capital of Banks” and is aimed at ensuring an open and effective process of preparing for the sale of shares of systemically important banks in whose authorized capital the state owns a share. At the same time, the norms of the document do not apply to JSC Oschadbank and JSC Ukreximbank.
As a reminder, on October 2, the government decided to begin preparations for the sale of state-owned shareholdings in the authorized capital of JSC Sense Bank and JSC Ukrgasbank. This step is aimed at reducing the share of state ownership in the banking sector and attracting funds from privatization to the state budget. Reducing the state’s participation in the banking sector is one of the eight key operational goals of the Ministry of Finance within the Government’s Action Program.
