NBU supported the sale of some shares in two state-run banks

NBU supported the sale of some shares in two state-run banksGovernor of the National Bank of Ukraine (NBU) Valeriya Gontareva supports the sale of some shares in state-run Oschadbank and Ukreximbank to the European Bank for Reconstruction and Development (EBRD) or the International Finance Organization (IFC), the NBU has written on its Facebook page, referring to the results of a meeting last week between top NBU and EBRD managers.

"Investment by the EBRD or the International Finance Corporation in Ukrainian state-run banks is important. This will improve the quality of the banks' corporate management. It will also facilitate the reorganization of Oschadbank into a real retail bank that will work with the public and with small and medium-sized enterprises. The step would also allow Ukreximbank to support foreign trade transactions," the NBU said.

Read also: Finance Ministry proposes Cabinet's selling at least 20% in Oschadbank, Ukreximbank

Government plans to strategically transform the public banking sector posted on the website of the Finance Ministry of Ukraine envisage the full privatization of the country's systemic banks, Oschadbank and Ukreximbank, in the long-term outlook. Ukraine's Cabinet of Ministers is responsible for deciding the number of bank shares to sell and the terms of the privatization no later than the end of 2020.
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