The Government supported the proposal of the Ministry of Finance on privatization of OJSC Ukrainian Bank for Reconstruction and Development

5/12/15

The Cabinet of Ministers supported the proposal of the Ministry of Finance concerning the privatization of OJSC Ukrainian Bank for Reconstruction and Development (UBRD). The decision to include UBRD as part of the list of state-owned objects, that are subject to privatization in 2015, was made by the Cabinet of Ministers in a session taking place on 12 May.

A top priority for the Ministry of Finance is to ensure stability of financial and banking systems of the country and to make management of state property more effective. In order to achieve this, the Ministry of Finance has taken measures to improve quality of corporate management at state banks and anylizes the feasibility of preserving state form of property for the smallest banks. To increase the efficiency of state presence in the private sector, the Ministry decided to privatize UBRD. Governmental approval of this decision is the first step towards privatization of this bank.

Bank sale will be executed in accordance to “The law on privatization of state-owned property”
Key facts about UBRD:
· a share of the state in the bank: 99,9945

. number of bank branches: none

· bank rating place by assets: 166

· number of employees: 33

· the bank was established according to the resolution of the Cabinet of Ministers №655 as of 05.05.2003

. the bank has a written permission from the National Bank of Ukraine to conduct certain operations with foreign currency and securities

· the bank has three licenses of the State Commission for Securities and Stock Market to conduct professional activities on stock market – trading securities activity (brokerage activity;underwriting; dealer activity).

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