Today, the Cabinet of Ministers has decided to acquire the full shares of Sense Bank from the Deposit Guarantee Fund for UAH 1. Thus, Sense Bank becomes a state-owned financial institution under the management of the Ministry of Finance.
"Today, on 21 June, the Cabinet of Ministers of Ukraine adopted a resolution 'On State Participation in the Withdrawal of a Systemically Important Bank from the Market' on the participation of the state, represented by the Ministry of Finance of Ukraine, in the withdrawal of the systemically important bank Sense Bank from the market, which will ensure further stable operation of the bank, protect the interests of depositors and other creditors of the bank, in connection with the application of sanctions to the owners of a significant shareholding in the bank, and prevent negative consequences in the financial market," the Finance Ministry said on its website.
It is noted that the nationalisation of the bank will not affect the fulfilment of its obligations to depositors and customers. The Ministry of Finance has been appointed to administer the corporate rights to the bank's shares owned by the state.
The bank's nationalisation procedure, including the appointment of new management, will be completed as soon as possible to ensure its uninterrupted operation. The state's involvement in the resolution of a systemically important bank is a necessary step to preserve the stability of the banking system and an effective method of protecting depositors and other creditors of the bank in case sanctions are imposed on the owners of a significant stake in the bank.
After the martial law is lifted, the Ministry of Finance will attract investors for the sale of Sense Bank.
Yesterday, the board of the National Bank of Ukraine decided to withdraw Sense Bank (Alfa Bank Ukraine until December 2022) from the market and asked the government to nationalise it.
The Deposit Guarantee Fund promises minimal restrictions for Sense Bank's clients during the period of its nationalisation until the morning of Monday, 24 July. No loans will be issued during this period, and legal entities will not be able to use the bank's services until the afternoon of 21 July.