The Parliament of Ukraine adopted a draft law on the peculiarities of the sale of state-owned shares in the authorized capital of banks. The draft law modifies the rules for the sale of state banks, aimed at reducing the state’s share in the banking sector.
“This is a requirement of the World Bank. Therefore, the law should be adopted in two readings in September,” the Financial Committee clarified.
The document expands the range of potential investors who can purchase state bank shares. The state can sell any share in the bank, not just 100% of the shares, as provided for by the current law. Also, international donors will be able to participate in the financial advisor selection procedure for navigating the sale process.
The draft law updates the rules for determining the price and conducting auctions following the recommendations of the World Bank.