Finance ministry proposes to sell all shares in Ukrgasbank, PrivatBank in 2020, 2022 respectively

The Finance Ministry of Ukraine as part of the gradual reduction in the share of the state presence in the banking sector from 55% of total assets as of late 2017 to 24% in the medium-term outlook proposes to completely sell Ukrgasbank, PrivatBank (both based in Kyiv).

"In particular, Ukrgasbank and PrivatBank should be fully sold in 2020 and 2022 respectively," Ukrainian Finance Minister Oleksandr Danyliuk said, presenting the principles of the strategic reformation of the public bank sector at a government meeting on Wednesday.

"Before the end of 2019, we plan to create conditions for attracting minority shareholders - international financial organizations like the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD), respectively, in Oschadbank and Ukreximbank," the minister said.

Danyliuk also said that the state will refrain from implementing initiatives that can determine the growth of the state's share in the banking system.

"The creation of new state-owned banks is considered inexpedient," the minister said.