Automatically translated version. May contain inaccuracies compared to the original.
Rothschild & Co will work with the Ukrainian company FinPoint.
The Ministry of Finance of Ukraine, together with representatives of Ukrgazbank and Sense Bank, signed agreements with the British company N. M. Rothschild & Sons Limited (Rothschild & Co group).
As stated on the Finance Ministry’s website, the group will act as financial adviser in preparing two state banks for privatization.
Rothschild & Co will work in a consortium with the Ukrainian company FinPoint. The winner of the competitive selection will conduct a financial analysis of the state banks, help determine their starting price, prepare materials for investors, and facilitate the organization of the sale process.
Finance Minister Serhiy Marchenko emphasized that engaging an international advisor is an important step toward reducing the state’s share in the banking sector and will help conduct the sale transparently and competitively.
Engaging the advisor is only a preparatory stage, so changes in ownership have not occurred yet. Both financial institutions continue to operate in normal mode and fully fulfill all obligations to clients, the Finance Ministry assured.
What is known about the sale of Sense Bank and Ukrgazbank
18 In October, information appeared that the government had formed a commission to sell state stake in Sense Bank and Ukrgazbank. Representatives of international financial organizations and EU institutions may join this commission.
Sense Bank (formerly Alfa-Bank) was nationalized in 2023 year due to Russian owners.
Its main shareholders were Mikhail Fridman, Petr Aven, and other partners from Alfa-Group.
In August this year, Koretsky reported that the Ministry of Finance had been given a task by the government to accelerate the sale process of Sense Bank.
Additionally, the leadership of the financial institution began to appear in resonant anti-corruption investigations. According to NABU, the bank’s chairman and the head of the supervisory board Oleksiy Stupak and Mykola Hladyshenko, in collusion with former deputy of the Verkhovna Rada Maksym Mykitas, the deputy head of the Office of the President Iryna Mudra and other participants in a criminal group, ensured the posting of a stake of 150 million UAH obtained illegally, for former minister Herman Halushchenko, who is a suspect in the Energoatom corruption case.
Part of the funds were channeled through Sense Bank. To move funds, automatic financial monitoring was disconnected, and it was not performed manually.
19 In August, the government dismissed Hladyshenko. The Cabinet also initiated the dismissal of Stupak.
At the August meeting 21 the Cabinet terminated the powers of the head of the supervisory board Hladyshenko.
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