The Committee on Finance, Taxation and Customs Policy has recommended that the Verkhovna Rada adopt draft law 11474 in the second reading. This document allows the sale of any shares in state-owned banks. This was announced by the head of the committee Danylo Hetmantsev, reports [Kommersant].
“The Committee recommended adopting draft law No. 11474 on the specifics of the sale of state-owned stakes in the authorised capital of banks in the second reading,” Hetmantsev said.
The draft law expands opportunities for potential investors and allows the sale of smaller stakes in addition to 100% of shares, as provided for by current legislation. In addition, the document strengthens the requirements for companies that can be engaged as financial advisors for the sale and allows international donors to participate in the selection of advisors and in the sale process.
According to the draft law, the pricing and organisation of auctions will be adapted to the World Bank’s recommendations, and the possibility of a single investor’s participation is also envisaged. Hetmantsev also notes that the document ensures greater transparency of the sale process by expanding the information to be made public and conducting auctions through electronic systems.
In an exclusive commentary to 
, economist Andriy Novak said that if the law allows for the purchase of a part of the bank rather than the whole, it will be beneficial for both the state and the buyer.
“This is better market conditions for private owners and better flexibility for the state, selling not the entire bank, but only a part of it and thus retaining control in a certain share,” he explained.
It is not known when the draft law will be put to a vote in the session hall. MPs voted for the draft law on 5 September. “249 MPs voted in favour.