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NBU removes Russian tycoon's Sense Bank from market

Its assets are to be nationalised.

NBU removes Russian tycoon's Sense Bank from market

The board of the National Bank of Ukraine (NBU) has decided to resolve Sense Bank Joint Stock Company (before December 2022 – Alfa Bank Ukraine), a systemically important bank, and made an offer to the Cabinet of Ministers of Ukraine regarding the state’s participation in this procedure.

According to Sense Bank JSC, the owners of a direct qualifying holding in the bank are ABH Ukraine Limited (Cyprus) and ABH Holdings S.A. (Luxembourg). The owners of an indirect qualifying holding are Mikhail Fridman, a citizen of Russia and Israel, Petr Aven, a citizen of Russia and Latvia, and Andrei Kosogov, a citizen of Russia. Said individuals are the ultimate key participants in the ownership structure of Sense Bank JSC.

The affiliation of indirect qualifying holders of Sense Bank JSC Mikhail Fridman and Petr Aven with Russia – an aggressor state that has been waging full-scale war on Ukraine since 24 February 2022 – and their support for actions and policies that threaten the territorial integrity, sovereignty, and independence of Ukraine are posing a significant reputational risk and having a substantial adverse impact on the Bank’s activities.

Pursuant to the NBU Board’s decision, the Deposit Guarantee Fund's Executive Board decided to introduce in Sense Bank JSC a provisional administration and to give it the necessary powers. In line with the decision noted above, the provisional administration is effective from Friday, 21 July 2023.

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