Ukraine sets up commission to privatize state stakes in Sense Bank and Ukrgasbank
The Cabinet of Ministers has established a commission to handle the sale of state-owned shares in Sense Bank and Ukrgasbank, Prime Minister Serhiy Koretskyi announced. The Ministry of Finance has already selected advisors for both banks, and representatives of international financial organizations and EU institutions may join the commission's work.
Key points
- The Cabinet of Ministers established a commission to sell state-owned stakes in Sense Bank and Ukrgasbank.
- Prime Minister Serhiy Koretskyi announced the creation of the commission, via a social media post.
- The commission will set the tender procedure, decide on participant admission, approve the starting auction price based on advisor recommendations, determine winners and the sale price, and submit decisions for government approval.
- The Ministry of Finance has already selected advisors for both banks.
- Representatives of international financial organizations and EU institutions may join the commission.
- Proceeds from the sale were pledged to be directed to Ukraine's Defense Forces.
- On 14 August 2025 the Financial Stability Council concluded the sale would not negatively affect banking system stability.
Why it matters
Privatizing Sense Bank and Ukrgasbank is a major restructuring of Ukraine's state-owned banking assets. The government has pledged that proceeds will go to the Defense Forces, tying the sale to wartime financing. The reported openness to international financial organizations and EU institutions as commission participants signals foreign involvement in setting the sale's terms. The process follows NABU's "Forest Gump" operation, which tied Sense Bank to alleged laundering of around 150 million UAH connected to a figure in the "Midas" case, sharpening political sensitivity around the bank.
What happened
Ukraine's Cabinet of Ministers established a commission to manage the privatization of state-owned shares in Sense Bank and Ukrgasbank. Prime Minister Serhiy Koretskyi announced the decision in a social media post. The commission will determine the tender procedure, rule on participant admission, agree on the starting auction price based on advisor recommendations, select winners and the sale price, and then submit those decisions to the government for approval. The Ministry of Finance has already chosen advisors for both banks, and representatives of international financial organizations and EU institutions may join the commission. Proceeds from the sale were promised to be directed to the needs of Ukraine's Defense Forces.
Where reporting differs
One disputed name in the source material: the Sense Bank board chairman cited in the "Forest Gump" investigation is named "Oleksiy Stupak" in most Ukrainian outlets and "Oleh Stupak" in one report from ЛІГА.net LB.ua.
Background
The state owns 94.94% of Ukrgasbank, which came under state control in 2009 during the global financial crisis. Sense Bank, formerly Alfa-Bank Ukraine, became fully state-owned in July 2023 after its sanctioned Russian shareholders were deprived of ownership rights. In October 2025, the Cabinet of Ministers decided to begin preparations for selling the state stakes in both banks. On 14 August 2025, the Financial Stability Council reviewed the potential risks and concluded the sale would not negatively affect banking system stability. In May 2025, President Volodymyr Zelenskyy said Sense Bank should be privatized in 2026. NABU's "Forest Gump" operation examined the alleged laundering of roughly 150 million UAH through Sense Bank to post bail for a figure in the "Midas" case, identified in reporting as former Energy Minister Herman Halushchenko.