The Verkhovna Rada adopted a draft law on the privatization of state-owned banks

The Verkhovna Rada of Ukraine adopted draft law No. 11474 as a whole, which defines the features of the privatization of state-owned shares in the authorized capital of banks. The bill was supported by 260 deputies, People's Deputy Yaroslav Zhelezniak said.

According to the explanatory note to the draft law, the author of which is the chairman of the Verkhovna Rada Committee on Finance, Tax and Customs Policy, Danylo Hetmantsev, the document was developed based on the recommendations of IMF and World Bank experts. The purpose of the draft law is to establish a clear and transparent procedure for the sale of shares of state banks on competitive terms with the involvement of an adviser.

The draft law provides for the expansion of the current law on the sale of shares of banks in the capitalization of which the state participated to all public sector banks. In particular, it provides for the exclusion of legal entities from the aggressor country, under the control of the aggressor state or its citizens, as well as persons under the sanctions of foreign states, except for the aggressor country, from participating in the competition.

The document also aims to avoid excessive formalization of decisions related to the sale of shares, update the terminology, provide the sales commission with the necessary tools to organize the process, establish requirements for the advisor and define his powers and duties. It also provides for the approval of the list of mandatory terms of the sales contract.

In addition, the draft law expands the circle of potential investors, allowing consideration of the sale of any stake in the bank, not just 100%. It is planned to involve international donors in the process of selecting advisers and conducting the sale, as well as updating the rules for determining the price and conducting auctions in accordance with the recommendations of the World Bank.

The draft law takes into account the possibility of the participation of only one investor in the auction and provides for the prevention of negative influence on the sale procedure by former owners or minority shareholders. This issue is particularly relevant for such banks as Sens Bank and Ukrgasbank, where the state owns 94.94% of the shares.