Ministry of Finance: Government establishes Commission for sale of state-owned bank shares

The Cabinet of Ministers of Ukraine has adopted a resolution "On Establishing a Commission for the Sale of Shares Owned by the State in the Authorised Capital of Banks." The decision is needed to begin preparations for the sale of two state-owned banks: JSC Sense Bank and JSB UKRGASBANK.

Why the commission is needed

The Law "On Specifics of the Sale of Shares Owned by the State in the Authorised Capital of Banks" states that the sale is carried out to replenish the state budget, reduce the state's share in the banking sector, ensure the stable operation of banks, and strengthen competition. To conduct the sale, the Government must establish a dedicated commission. Its establishment is also provided for in the Memorandum on Economic and Financial Policies between Ukraine and the International Monetary Fund of 2 July 2026.

What the commission will do

The commission shall organise a tender for the sale of shares in banks for which the Government has decided on a sale. In particular, it shall:

- determine the procedure for conducting the tender;

- decide whether to admit or reject participants in the tender;

- approve the draft sale and purchase agreement and the starting price, taking into account the recommendations of the sales adviser;

- approve the tender winner and the sale price based on the results of bidding;

- submit proposals to the Government on relevant issues.

Transparency and prevention of conflicts of interest

The Regulations on the commission include a number of safeguards:

Commission members vote openly and in person, and may not delegate their powers to others.

Anyone with an actual or potential conflict of interest must report it no later than the next working day and must not take part in making the relevant decision.

With their consent, representatives of international financial organisations, EU institutions, and other organisations providing technical assistance to Ukraine may be involved in the commission's work. They have the right to state their position, and their written opinion is attached to the minutes of the meeting.

Everyone who takes part in the commission's work must keep confidential information, including banking secrecy.

What else the resolution provides for

The resolution also repeals Government Resolution No. 1123 of 14 November 2012, which concerned the sale of shares in banks that the state had helped to capitalise.

As a reminder, on 1 October 2025 the Government adopted an order on preparing for the sale of the state-owned shares of Sense Bank and Ukrgasbank. On 29 October 2025, it approved the Procedure for Engaging a Sales Adviser for Shares of State-Sector Banks. On 31 March 2026, the Ministry of Finance announced a tender to select a sales adviser for the shares of the two banks.