The Finance Ministry plans to withdraw from the capital of state banks

The Ministry of Finance of Ukraine has announced a full exit from the capital of the largest state banks – «Oschadbank» and «Ukreximbank», starting from mid-2018, as well as the other banks by the end of 2017.

This was announced at a press briefing, Deputy Minister of Finance of Ukraine Artem Shevalev, UNIAN reports.

«Maximum efficiency of state-owned banks can be achieved through privatization, as in other spheres of the Ukrainian economy. Therefore, the strategy foresees on the horizon until mid-2018 the beginning of release of state capital the two largest state banks (Oschadbank and «Ukreximbank» – ed.)», — said Shevelev.

He noted that the previously announced privatization of 20% shares of these banks will be only the first step, and further the government is planning more privatization, the schedule will depend on the situation in the economy and the success of the first phase.

As for the smaller banks in state ownership – «Rodovid», «Ukrainian Bank of reconstruction and development» and «Land Bank», the words Sheveleva, in their regard, the government will act more «aggressive».

«We’re talking about what will happen to the government’s complete withdrawal from the capital of the remaining state-owned banks is on the horizon 2016-2017. Until the end of 2017 the state should not have shares in any financial institutions, except the two largest,» he said, noting that one of the ways out of the state would be the elimination of small financial institutions.

We will remind, on January 27, the Cabinet of Ministers adopted a decision on recapitalization of Ukreximbank’s nearly 10 billion USD and Oschadbank almost 5 billion UAH.

The Finance Ministry plans to withdraw from the capital of state banks 15.02.2016

Февраль 15th, 2016 by
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