The National Bank of Ukraine (NBU) supports an initiative that would enable banks to transform themselves into private joint-stock companies (PrJSC). Banks currently can operate only in the form of public joint-stock companies (PJSC) or cooperative banks.

The regulator said that on its website that the concept was approved at a meeting of the NBU board on April 21.

The NBU said that there is no need in keeping the PJSC form from banks that do not seek to permanently attract capital on the stock exchange.

Corporate management requirements for banks and the volume of information disclosure should be left unchanged, irrespective of the type of a joint-stock company.

The central bank also said it would make the application for bank re-registration as simple as possible. The initiative provides for amending the Law on banks and banking operations and the Business code, updating some requirements in the Law on joint-stock companies and the Law on securities and the stock market to meet bank legislation.