The government is preparing to sell Sens Bank and Ukrgasbank

The Cabinet of Ministers of Ukraine has formed a commission to sell state-owned stakes in Sens Bank and Ukrgazbank. The commission will be responsible for preparing and conducting tenders for the sale of shares in both banks. Specifically, it will determine the rules of the tenders, decide who to admit to participate, and approve the initial sale price.

When determining the value of the shares, the commission will take into account the advisor’s recommendations. It will also determine the winners of the tenders and the sale price, after which it will submit the relevant decisions to the government for approval. Representatives of international financial organizations and European Union institutions may participate in the commission’s work. The Ministry of Finance has already selected advisors for both banks.

According to Koretsky, the main goal is to ensure an open and competitive sale process. “The task is to create the right conditions for a transparent and competitive sale of the state’s stakes in both banks,” the prime minister emphasized.

Preparations for the privatization of these banks have been discussed previously. On August 14, 2025, the Financial Stability Council reviewed the potential risks of such a sale to Ukraine’s financial system. Following the discussion, participants confirmed that the sale of state-owned stakes would not have a negative impact on the stability of the banking system.

What is known about the banks

“Ukrgasbank” is a Ukrainian commercial bank in which the state owns 94.94% of the shares. It came under state control in 2009. “SENS Bank,” which previously operated under the name “Alfa-Bank Ukraine,” became state-owned in July 2023. The reason was that its shareholders were Russian businessmen included on sanctions lists.

The creation of the commission is one of the steps in preparing for the sale of the state’s stakes in the two banks. Next, the government must approve the relevant decisions regarding the tender process and the terms of sale. Ukrainian Prime Minister Serhiy Koretskyi announced this on Facebook.

People’s Deputy Yaroslav Zheleznyak stated that businessman Vasyl Veselyi received 186,000 UAH per month from the state-owned “Sens Bank” for 15 months for consulting services. 

In August, the National Bank of Ukraine imposed sanctions on JSC “Ukrgasbank” and four non-bank financial institutions for violating legislation on the prevention and counteraction of money laundering. The regulator imposed the largest fines on the insurance company “USG” and “Ukrgasbank.”