In a symbolic step toward privatizing Ukraine’s state-dominated banking sector,

In a symbolic step toward privatizing Ukraine’s state-dominated banking sector, the World Bank’s International Finance Corporation is extending a €30 million euro loan to state-owned Ukrgasbank, which can be converted into the bank’s equity shares. Ukrgasbank is one of four state-controlled banks, a group that has 60% market share in Ukraine. Last September, Ukraine’s government approved a goal of cutting this market share to 25% in 2025. Andrii Kravets, Chairman of Ukrgasbank’s Board said: “This step comes as a key milestone in privatising Ukrgasbank and curtailing the government’s share of the banking sector.”