03.Dec .2021 22:00

Before Year-end, PrivatBank, Oschadbank Must Approve Plans for their Privatization

Before Year-end, PrivatBank, Oschadbank Must Approve Plans for their Privatization
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Before the end of 2021, in cooperation with the Ukrainian Ministry of Finance, PrivatBank and Oschadbank must adopt roadmaps for their partial or full privatization, the press service of the National Bank of Ukraine (NBU) told Ukrinform.
 
"According to the Memorandum on Economic and Financial Policy, to further reduce the state's share in banks, PrivatBank and Oschadbank will develop and approve a roadmap in cooperation with the Ministry of Finance by the end of 2021, which will determine steps needed for bringing each these banks to market for partial or full privatization and will outline legislative changes that may be needed to implement the presented privatization options," the NBU said.
 
The Cabinet of Ministers intends to adopt these plans by the end of January 2022. The National Bank also reminded that in accordance with the Strategy for the Development of the Financial Sector of Ukraine and the Strategy for Reforming the Public Banking Sector, the state's goal is to reduce the share of state-owned banks in the Ukrainian banking sector to 25% by 2025.

As Ukrinform reported, on November 24, Ukraine received the second tranche from the IMF under the Stand-By Arrangement in the amount of SDR 500 million (equivalent to $699 million).
 
Ukraine has undertaken to implement 12 major structural benchmarks to receive funding under the IMF's Stand-By Arrangement, which the Fund extended until June 2022. One of them is the preparation of PrivatBank and Oschadbank for privatization.