Rada adopts law on peculiarities of privatization of state-owned banks: what it provides for
Kyiv • UNN
The Verkhovna Rada has adopted a draft law on the privatization of state-owned banks. The law expands the range of investors, allows the sale of any state share and updates the rules for holding an auction.
The Verkhovna Rada has adopted a draft law on the peculiarities of privatization of state-owned banks. This was reported by UNN with reference to MP Yaroslav Zheleznyak.
The Parliament adopted #11474 - peculiarities of privatization of state-owned banks. In favor in total - 260
He pointed out that the adoption of the document is also a requirement of the World Bank.
As the MP previously stated , the main goal of the draft law is to reduce the state's presence in the banking market.
He also spoke about the main innovations of the document:
- expands the range of potential investors to whom the state is willing to consider selling;
- allows the sale of any state share in a bank (not just 100% of the state's shares, as provided for in the current law);
- increases the requirements for legal entities that may be engaged by the state as financial advisors for sales;
- includes international donors in the selection of financial advisors for the sale and the sale itself;
- updates the rules for setting the price and conducting the auction in accordance with the World Bank's recommendations;
- takes into account the possibility that only one potential investor may participate in the auction;
- Brings the requirements to the purchase and sale agreement in line with market practices;
- prevents negative influence on the sale procedure (for example, stopping the sale) by former beneficial owners (relevant for JSC Sens Bank) or current minority shareholders (relevant for JSB UKRGASBANK).
