Finance Ministry starts preparing for privatization of minority stakes in state-run banks

16:20, 01.03.2016 1 min read

The Finance Ministry of Ukraine starts preparing for the privatization of minority stakes in state-run banks.

Deputy Finance Minister of Ukraine Artem Shevalev said at a roundtable devoted to the economic forecast at LIGABusinessInform on Tuesday that this concerns the privatization of minority stakes in state-run banks in the amount of at least 20% of the share capital.

It is planned that international financial institutions (IFIs), first of all, the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) will buy the shares.

Shevalev said that serious changes to Ukrainian legislation are required to privatize the minority stakes in state-run banks.

The first phase of the privatization could finish in the middle of 2018.

"We have time, but preparation discussions are being held and yesterday we had a meeting with the EBRD on the issue," he said.