Ukrainian Oschadbank will be privatized for European money
The Cabinet of Ministers, the EBRD (European Bank for Reconstruction and Development) and Oschadbank plan in the coming weeks to sign a Memorandum of Understanding between the Government of Ukraine, Oschadbank and the EBRD on its preparation for privatization.
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About it writes the publication FinClub.
The text of the draft memorandum states that “the EBRD will consider in the future the purchase of a minority stake in the bank by entering into the capital through the purchase of additional shares as part of the pre-privatization process.”
We are talking about the sale, with the participation of “respected independent investment advisers” in a competition until mid-2018, of “at least 20% of Sberbank shares to a respected third-party investor.” Advisers for further privatization will be found by the end of 2020, and the bank will be sold by 2022.
At the same time, the EBRD undertakes obligations to purchase a share: the institution only promises in 2018 to evaluate progress in preparation for privatization and “consider the issue of purchasing a minority stake.”
This will happen only if Oschadbank achieves pre-agreed targets and only “if there is a clear written commitment from the government to fully privatize Oschadbank.”
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