Finance Ministry agrees on cooperation with IFC in privatization of Ukrgasbank
Ukraine's Ministry of Finance has agreed on cooperation with the International Finance Corporation (IFC) in the framework of privatization of JSC Ukrgasbank.
According to the signed memorandum, in which Ukrgasbank itself also acted, the Finance Ministry confirms its intention to completely withdraw from the bank's capital, while the IFC intends to provide consulting services to increase its investment attractiveness. In addition, the IFC may consider investing in the bank's capital to support its sale.
In particular, the corporation may consider investing in the form of debt financing and/or pre-privatization quasi-capital, or investments in capital (as a minority shareholder) through an increase in charter capital, purchase of shares or a combination of these actions.
Meanwhile, according to the memorandum, such an investment will depend on a number of factors, including the results of the detailed due diligence of the bank, the availability of the overall corporate financial state of the bank acceptable for the corporation, the availability of the relevant consent of the IFC management and council, as well as on other factors.