For the first time since the beginning of the full-scale invasion, the interest of foreign investors in Ukrainian banks began to recover. In 2024, the National Bank recorded the first such application for the acquisition of significant influence on the part of an investor from the Netherlands. The National Bank reported this in response to an official request from the Ministry of Finance.
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What is known
The name of the bank of Ukraine in which the European is interested is not named, since the application is still pending consideration.
“During 2024 (at the beginning of January 2024), one package of documents was submitted from a foreign investor (the Netherlands) regarding significant participation in a Ukrainian bank. The package of documents is being reviewed by the National Bank of Ukraine. The decision on it has not yet been made,” says the NBU’s response.
After the start of the big war, the regulator did not receive such applications, which the regulator explained by the military situation in Ukraine and military operations. Although before this there was interest in Ukrainian banks.
The National Bank clarified that in 2020-2021 it received packages of documents to obtain significant influence in various banks from 8 foreign investors from different countries: Turkey, the Republic of Belarus, the Czech Republic, Finland and Kazakhstan.
NBU reported The “Ministry of Finance”, which approved 4 such applications, prohibited one potential investor from gaining significant influence in the bank and returned 3 others documents without decisions on their applications.
As of March 1, 2024, the National Bank identified 14 banks in Ukraine that were members of foreign banking groups. Two of them are from the Netherlands and own up to 100% of the shares.
The Ministry of Finance has compiled a list of these banks, and also added information from the NBU register about shareholders and the authorized capital they formed:
1. Raiffeisen Bank (authorized capital UAH 6.2 billion) – 68.21% of shares from the Austrian Raiffeisen Bank International AG, 30% of shares from the EBRD, the remaining 1.8% of shares from 20 individuals.
2 . UkrSibbank (UAH 5.1 billion) – 60% of shares held by the French BNP Paribas S.A. and 40% shares of the EBRD.
3. Credit Agricole Bank (UAH 1.2 billion) – 100% of shares in the French Credit Agricole S.A.
4. OTP Bank (UAH 6.2 billion) – 100% of shares held by the Hungarian OTP Bank Plc.
5. Citibank (UAH 200 million) – 100% of shares held by the American Citigroup Inc.
6. Kredobank (UAH 2.2 billion) – 100% of the shares in the Polish Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna.
7. ProCredit Bank (UAH 1.6 billion) – 100% of shares owned by the German ProCredit Holding AG.
8. ING Bank Ukraine (UAH 731.3 million) – 100% of shares in the Dutch ING Groep N.V.
9. Pravex-Bank (979.1 million UAH) – 100% of shares owned by the Italian Intesa Sanpaolo S.p.A.
10. SEB Corporate Bank (UAH 300 million) – 100% of shares from the Swedish Skandinaviska Enskilda Banken AB.
11. Piraeus Bank MKB (UAH 2.5 billion) – 99.99% of the shares are held by the Greek Piraeus Financial Holdings S.A and the remaining 0.01% of the shares are held by 15 individuals
12. Deutsche Bank DBU (UAH 301.8 million) – 100% of shares in the German Deutsche Bank Aktiengesellschft.
13. Creditwest Bank (UAH 364.4 million) – 100% of shares held by 6 individuals who are citizens of Turkey and one individual with dual citizenship (Turkey and Germany) through different companies.
14. Credit Europe Bank (UAH 252.5 million) – 100% of shares owned by 7 Turkish citizens through the Dutch Credit Europe Group N.V.
As you can see, in banks with Dutch capital, the owners already have significant influence up to 100%. So it is possible to allow the appearance of an investor from the Netherlands in another Ukrainian bank that is not included in the list of 14.
- NBU Banks