The Ministry of Finance of Ukraine (Ministry of Finance of Ukraine) has signed agreements with N. M. Rothschild & Sons Limited (Rothschild & Co group) to provide financial adviser services to prepare the sale of state share packages of Ukrgasbank and Sens Bank.
Signing of agreements and the banks’ status
The agreements were signed by the Ministry of Finance, both banks and N. M. Rothschild & Sons Limited. The Ministry of Finance’s press service noted that the signing is a step in preparing for privatisation and does not imply a change in the banks’ ownership.
The statement also said: “Ukrgasbank and Sens Bank operate as normal, fulfil their obligations to customers, including on deposits, and ensure continuity of banking services,” the Ministry of Finance’s press service said.
Role of the adviser and consortium composition
Rothschild & Co was selected following a competitive tender. The group has many years of experience supporting privatisation projects and international mergers and acquisitions, and will provide services in a consortium with the Ukrainian investment banking company FinPoint.
Under the signed agreements, the adviser will provide comprehensive financial advice. The Ministry emphasises that appointing a financial adviser is one of the preparatory stages for privatisation provided for by the Law of Ukraine “On the peculiarities of the sale of share packages that belong to the state in the statutory capital of banks”.
