Alfa-Bank Ukraine management authorized to coordinate decisions with NBU for completing talks with investors, bank's stable operation

KYIV. March 20 (Interfax-Ukraine) - Information published on the resources of Russia's Alfa-Bank and some media about the transfer of control over Ukraine's Alfa-Bank to a special committee of four newly appointed independent directors is not true.

"Alfa-Bank Ukraine, within the framework of the current legislation, is preparing a plan to change the sanctioned shareholders of Alfa-Bank Ukraine in order to remove reputational risks and ensure the stable operation of the largest backbone private bank in Ukraine," the bank's website said.

It emphasizes that, according to the banking legislation of Ukraine and the regulatory practice of European banks, the bank is managed by the board, putting the interests of customers and the bank as a priority in order to preserve the business, and only after that - the interests of shareholders.

"Prior to the formalization of all procedural issues, the top management of Alfa-Bank Ukraine was really authorized to make and coordinate decisions with the NBU in order to complete negotiations with investors and ensure the stable operation of the bank. The powers of the sanctioned shareholders for the transition period are frozen, at the same time, the responsibility of the shareholders for the bank preserved," the statement said.

The Ekonomichna Pravda edition, citing sources in the banking system, reported that on March 2, 2022, the NBU recognized the shareholders of Alfa-Bank, Mikhail Fridman (32.86%) and Petr Aven (12.4%) as having lost their impeccable business reputation and depriving them of voting rights in the bank. In addition, the voting rights of legal entities-shareholders of Alfa-Bank, in particular, Luxembourg-based ABHH (26% of shares) and Cypriot–based ABH Ukraine Limited (19.2%), have been blocked.