Cabinet of Ministers nationalizes Sense Bank

The Cabinet of Ministers of Ukraine has decided to participate in the withdrawal of Sense Bank from the market to ensure the stability of the financial system of Ukraine and protect the interests of depositors and creditors of the bank.

According to Ukrinform, the Ministry of Finance of Ukraine reported this.

"Today, on June 21, the Cabinet of Ministers adopted a resolution "On State Participation in the Withdrawal of a Systemically Important Bank from the Market". It concerns the state's (represented by the Ministry of Finance) participation in the withdrawal of a systemically important bank, Sense Bank, from the market. This will ensure further stable operation of the bank, protect the interests of depositors and creditors of the bank in connection with the sanctions imposed on the bank's owners, and prevent negative consequences in the financial market," the statement said.

The nationalization of the bank will not affect the fulfillment of its obligations to depositors and clients. The Ministry of Finance has been designated as the body managing corporate rights to the bank's shares owned by the state.

The bank's nationalization procedure, including the appointment of new management, will be completed as soon as possible to ensure its uninterrupted operation. The state's participation in the removal of a systemically important bank from the market is a necessary step to preserve the stability of the banking system and an effective method of protecting a bank's depositors and creditors in case sanctions are imposed on bank's owners.

After the end of martial law, the Ministry of Finance will attract investors for the sale of Sense Bank.

As reported, on July 20, the Board of the National Bank decided to withdraw the systemically important bank, Sense Bank, from the market and submitted a proposal to the Cabinet of Ministers regarding the state's participation in this procedure.