13:38 19.10.2020

NBU discusses smaller state presence in Ukrainian banking sector with LSE representatives

1 min read
NBU discusses smaller state presence in Ukrainian banking sector with LSE representatives

The National Bank of Ukraine (NBU) discussed plans for a smaller state presence in the Ukrainian banking sector with representatives of the London Stock Exchange (LSE), Central Bank Governor Kyrylo Shevchenko told the Atlantic Council publication, adding that the strategy for the partial privatization of Ukraine's state-owned banks envisages that steps towards sales will begin no later than by the end of 2024.

Shevchenko said that a combination of digital innovations and growing public trust is enabling Ukrainian banks to expand their customer base and compete for new clients.

He recalled that at present, Ukrgasbank is working with the International Finance Corporation (IFC) and is the state-owned bank that is closest to partial privatization.

"An agreement is already in process and talks are now focused on technical aspects, with expectations of a successful closure," he said.

Shevchenko said that the Ukraine also expects an international financial organization to acquire a stake in Ukraine's largest state-owned bank, Oschadbank, but there is still significant work to be done to revise the relevant legislation and develop the bank's business model.

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