Ministry of Finance of Ukraine Announces Competitive Selection to Engage a Financial Advisor for the Sale of JSC Sense Bank and JSB UKRGASBANK

The Ministry of Finance of Ukraine is launching a competitive selection process to appoint a financial advisor for the disposal of state-owned shares in JSC Sense Bank and JSB UKRGASBANK, which are systematically important banks in Ukraine. The primary objective for the financial advisor will be to provide comprehensive services for the state of Ukraine to divest its shareholdings in these banks, including maximising the value of the shareholdings, attracting potential investors, and managing all stages of the preparation and execution of the sale.

A single financial advisor will be appointed for both banks for an engagement period lasting until March 1, 2029. Only legal entities listed in the London Stock Exchange Group (LSEG) rankings (by value or number) of financial advisors for the 2023-2025 period that advised on the sale of financial institutions and financial groups in Europe, based on data from the London Stock Exchange Group, are eligible to participate in the advisor selection competition. Other entities are not permitted to participate.

The key selection criteria include extensive international experience in the sale of financial institutions, a high level of professional expertise, and the comprehensive action plan for the sale of shares, proposed by such an advisor. 

The payment for the services of the financial advisor will consist of a fixed fee and a potential success fee of up to 3 percent of the actual proceeds received by the State Budget from the sale of shares.

Documents to participate in the competitive selection must be submitted to the Ministry of Finance of Ukraine in both electronic and hard-copy formats no later than 5:59 pm (Kyiv time) on June 15, 2026. 

Email address for electronic submissions: banksale@minfin.gov.ua. Postal address for hard-copy submissions: Ministry of Finance of Ukraine, 11 Mezhyhirska Street, Kyiv, 04071, Ukraine. Any submissions received by the Ministry of Finance of Ukraine after the specified deadline will not be taken into consideration. This includes participants who fail to deliver hard-copy submissions on time, even if the electronic versions were submitted within the deadline.

Detailed information regarding the terms of the competitive selection (including the required application forms) can be found at the following link: "Information Notice on the Conduct of the Competition". Please be informed that in the event of any discrepancy between this English translation and the original Ukrainian text, the Ukrainian version shall prevail for all purposes.

To ensure transparency, representatives from international financial institutions, institutions of the European Union and its member states, and other international and foreign institutions that provide technical assistance to Ukraine are involved as observers. These observers hold the right to express positions, request information, and provide recommendations regarding the competitive selection process.

This competitive selection process is conducted in accordance with the Law of Ukraine "On the Specifics of Selling State-Owned Shares in the Statutory Capital of Banks", the Procedure for Engaging a Financial Advisor to Sell Shares in Banks, approved by Resolution of Cabinet of Ministers of Ukraine No. 1385, dated October 29, 2025, and Order of the Cabinet of Ministers of Ukraine No. 1061-p, dated October 1, 2025, regarding the commencement of preparations to sell JSC Sense Bank and JSB UKRGASBANK.

Reducing the state’s share in the banking sector is one of the eight priority operational objectives of the Ministry of Finance in the Government’s Action Program.