The European Bank for Reconstruction and Development (EBRD) could provide state-controlled Oschadbank with up to EUR50 million under the Trade Facilitation Program (TFP), facilitating the commercialization of the bank and its preparation for privatization.

"The project is implemented as part of broader efforts aimed at promoting the commercialization and preparation of Oschadbank for further privatization within the program of reforming state-owned banks, which was developed and is being implemented by the government of Ukraine," a bank report reads.

According to the report, the EBRD Board of Directors plans to consider the relevant project on October 4 this year.

The EBRD noted in recent years the market share of state banks in the Ukrainian market is growing and at the end of the first half of 2016 it exceeded 30%.

Oschadbank was founded in 1991. Its sole owner is the state.

Oschadbank ranked second among 108 operating banks in the country on July 1, 2016 by total assets (UAH 185.077 billion), according to the National Bank of Ukraine.