Ukraine creates commission to oversee sale of Sense Bank and Ukrgasbank

Ukraine's government has created a commission to organise the sale of Sense Bank and Ukrgasbank, Ukrainian outlet Ekonomichna Pravda reported on 18 October, citing Prime Minister Serhiy Koretskyi.

Koretskyi said representatives of international financial organisations and EU institutions may join the commission's work. The announcement did not say who would sit on the body or which organisations might take part.

What the commission will do

According to the report, the commission will:

• set the procedure for holding the tenders;
• decide which participants are admitted to bidding;
• agree the starting price of the auctions, taking into account recommendations from the sale adviser;
• determine the winners and the sale price;
• submit these decisions to the government for approval.

The final say therefore stays with the Cabinet of Ministers. The commission prepares and recommends decisions, and the government approves them.

What was not disclosed

The report does not give a timetable for the tenders, starting prices, the size of the stakes to be sold, or the name of the adviser whose recommendations the commission will consider. It is also unclear whether both banks will be offered at the same time or separately. RealUA has not found earlier coverage of the sale plans and will update the story if details emerge.

Background

Both lenders are under state control. Sense Bank was previously known as Alfa-Bank Ukraine. Ukrgasbank is a long-standing state-owned bank. Involving international financial institutions and EU bodies is widely seen as a way to give privatisation sales greater transparency and credibility with investors, though the source does not say this was the reason for the government's decision.

Ukraine's banking sector has been under strain from the full-scale war, and the sale of state-owned assets is closely watched by international partners. The sources do not link this decision to any specific funding programme.