New Phase in Bank Privatization in Ukraine
The Cabinet of Ministers of Ukraine has decided to commence preparations for the sale of state-owned stakes in JSC "Sens Bank" and JSC "Ukrgasbank". This was reported by the Ministry of Finance of Ukraine.
It is noted that the sale of these state-owned shares will be conducted according to the law "On the Specifics of Selling State-Owned Shares in the Authorized Capital of Banks" and will take place in three stages: preparing the shares for sale, conducting a competition, and concluding a purchase agreement.
The aim of the sale is to reduce the state's share in the banking sector and replenish the state budget. The ministry emphasized that reducing the state's share in the banking sector is one of the eight operational goals of the Ministry of Finance within the government's action program.
Additionally, the Ministry plans to announce a competition by the end of autumn 2025 for selecting an advisor for the sale of shares in JSC "Sens Bank" and JSC "Ukrgasbank".
On August 14, 2025, the Council for Financial Stability reviewed the potential risks of selling these banks' shares to the financial system. Following the discussion, it was confirmed that such a sale would not adversely affect the stability of the banking system.
JSC "Ukrgasbank" (UGB) is a Ukrainian commercial bank with a state ownership stake of 94.94% (held by the government of Ukraine), which came under state control in 2009.
JSC "Sens Bank", formerly known as "Alfa-Bank Ukraine", officially transitioned to state ownership in July 2023. The reason for the transfer was that its shareholders were Russian businessmen listed in sanctions lists.
