The state does not consider the privatization of Privatbank until the end of the war
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The Ministry of Finance believes that the specific terms of privatization of Privatbank, which was planned for 2024, can be discussed only after the end of the war against Russia.
Deputy Minister of Finance Yuriy Draganchuk said this during the presentation of the bank’s annual results.
“I don’t see the prerequisites to talk about the privatization of the bank now. The bank is profitable, it brings dividends to the shareholder (the state – EP). I don’t see a queue of buyers for the bank now. Of course, the bank must do everything to improve its financial results and corporate culture , and be ready for sale,” said Draganchuk.
He emphasized that with the beginning of the great war, the strategies of all state banks were put on hold, and now they have one strategy – support of Ukrainians and support of business together with the state.
As the chairman of the board of Privatbank Gerhard Bösch recalled, the bank was planned to be privatized in 2024.
“Let’s win the war, and then we’ll talk about some specific terms of privatization of the bank,” Draganchuk concluded.
We remind you:
As reported, at the beginning of September 2020, the Cabinet of Ministers renewed the principles of strategic reform of state banks and predicted a reduction of the state’s share in the banking sector from the current 60% to 25% by 2025 through partial or full privatization of each of the four state banks.
Bank considered three ways of privatization, two of which involve splitting up the bank. Yes, there could be a private placement of the entire bank, or only a “good bank,” or an IPO of a “good bank.”
The “good bank” is the opposite of the “bad bank” strategy, in which all problematic assets (for example, NPLs) of the bank are separated and transferred to a separately created institution. Thus, the remaining viable assets form a “good” bank.
In October last year, it became known that the state-owned PrivatBank renews preparation for privatization, which was suspended in February due to the full-scale invasion of the Russian Federation into Ukraine.
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