Finance Ministry to introduce state-owned banks development strategy soon

Finance Ministry to introduce state-owned banks development strategy soonUkraine's Finance Ministry is finalizing a strategy for developing state-owned banks and will present it for public consideration within a month, according to a posting on the ministry's website after a Financial Stability Board meeting.

The board members unanimously agreed on the need for fundamental changes in corporate governance standards in the state banking sector, as well as revision of business models and strategic goals of state-owned banks, the posting said.

"Further support of the state-owned banks at the expense of budget funds should be carried out solely in the context of change in the philosophy of their operations," the ministry's press service said.

The ministry originally planned to prepare the strategy by the end of June, then the deadline was slated for the end of September.

Currently, the state represented by the Finance Ministry owns stakes in three Ukrainian banks that rank largest in terms of assets – Ukreximbank, Oschadbank, and Ukrgasbank. The state's stake in the first two banks is 100%, and the state owns 93% of Ukrgasbank's capital.

The state also has 99.9945% of shares of small-sized Ukrainian Bank for Reconstruction and Development, which was set up under a Cabinet resolution in May 2003.

Source: UNIAN
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