Luxembourg-based ABH Holdings S.A. (“ABHH”), co-owned by Russian oligarch Mikhail Fridman, will seek to protect its investments via legal action if JSC Sense Bank (owned by ABHH) is nationalized, according to an official press release dated June 16. ABHH will seek protection under the BLEU (Belgium-Luxembourg)-Ukraine Bilateral Investment Treaty. This treaty permits an appeal to … Read more
Ukraine’s banking sector in the first quarter (Q1) of 2023 posted a significantly high profit of UAH 34 billion ($920 million), with state-owned PrivatBank accounting for approximately half of the amount, according to the Banking Sector Review published by the National Bank of Ukraine (NBU) on May 18. These profits indicate that Ukraine’s banking sector successfully weathered the ongoing economic crisis … Read more
PrivatBank, one of Ukraine’s largest banks, posted a net profit of UAH 30.2 billion ($817 million) for 2022 – during the first year of Russia’s full-scale invasion, the bank said in a report on May 12. The bank’s financial statements were audited by an independent external auditor. According to the report, the bank’s dividends to be … Read more
The Verkhovna Rada, Ukraine’s parliament, passed bill No. 9107-1 at first reading on April 11, which lays down the grounds to nationalize the Russian-owned Sense Bank – former Alfa-Bank Ukraine, according to the parliament’s website. The bill concerns the procedure for the withdrawal of banks owned by sanctioned individuals from the market. The document authorizes the … Read more
The National Bank of Ukraine (NBU) recognized the faulty business reputation of the shareholders of Sense Bank (formerly Alfa-Bank), ABH Holdings S.A. (57.6006% stake in Sense Bank) and its subsidiaries ABH Ukraine Limited (42.3994%), which, unlike their beneficiaries Mikhail Fridman, Petr Aven and Andrey Kosogov, are not under sanctions. “In accordance with the decisions of … Read more
The National Bank of Ukraine (NUB) has written and submitted to the Verkhovna Rada a bill, the adoption of which will allow the state to nationalize Sense Bank (formerly Alfa-Bank) of sanctioned Mikhail Fridman, Petr Aven and several other Russian shareholders, the Economic Pravda publication reported in Tuesday and published a corresponding letter to the … Read more
On Monday, the High Anti-Corruption Court (HACC) decided to convert 88.890583% of the shares of the First Investment Bank (PINbank, Kyiv) owned by Russian citizen Yevgeny Giner into state income. “On February 27, a HACC panel of judges satisfied a claim of the Ministry of Justice of Ukraine against a Russian citizen … By a … Read more
By Jan. 1, 2023, the share of non-performing loans in Ukrainian banks has increased to 38%, largely due to Russia’s full-scale invasion of Ukraine, the National Bank of Ukraine (NBU) reported on Feb. 8. In specific figures, the volume of non-performing loans increased by UAH 87 billion ($2.4 billion) over the last year, to UAH … Read more
Ukraine’s largest banks have created a joint network of branches throughout the country In case of long-term power outages, the National Bank of Ukraine (NBU) announced on Dec. 26. This network encompasses 1,000 branches, uniting 14 banks. The network has been dubbed POWER BANKING. Branches of this network will work and provide banking services to … Read more
President of Ukraine Volodymyr Zelensky signed the law on amendments to certain legislative acts of Ukraine on the peculiarities of activities of the financial sector in connection with the introduction of martial law in Ukraine (No. 2463-IX, as the bill passed under No. 7465-1), which, in particular, extends the law on financial restructuring until January … Read more