The State Property Fund gained control of PINbank, which previously belonged to Russian national Hiner – Sherlock

The State Property Fund (SPF) has officially become the owner of almost 89% of the shares of the First Investment Bank (PINbank). These shares previously belonged to the Russian businessman Yevhen Hiner, who has fallen under sanctions.
The decision of the High Anti-Corruption Court (HACC) of February 27, 2023, which provided for the recovery of these shares into state revenue, formed the basis for the re-registration of ownership. The HACC Appeals Chamber confirmed this decision in March, rejecting Hiner's appeal.
In the context of the future use of PINbank's assets, a discussion has arisen about the possibility of transferring the shares to the charter capital of “Ukrposhta”. Ihor Smilianskyi, CEO of “Ukrposhta”, spoke of the significant economic potential of such a step. He stressed that transferring the bank to “Ukrposhta” could provide an average annual economic effect of UAH 2.5 billion, as well as widen citizens' access to banking services.
However, this idea has met with opposition from the National Bank of Ukraine and raises questions about Ukraine's obligations to the International Monetary Fund (IMF). In accordance with the strategy approved by the government, the state plans to reduce its share in the banking sector, so the emergence of a new state bank may contradict these principles.
The IMF, in the person of the head of its mission in Ukraine, Gavin Gray, proposed considering alternative ways of achieving the goal of financial access and inclusion. The Fund stressed the need to avoid actions that could bypass the licensing system and the supervisory mandate of the National Bank of Ukraine (NBU).
For now, discussions on the future of PINbank continue, and this is becoming a key issue in the context of reforming Ukraine's banking sector.
PINbank was founded in 1997. At the end of September 2023, PINbank ranked 57th among 63 Ukrainian banks by total assets (UAH 482 million). Its net loss for the first 9 months of last year was UAH 30 million.
#Ukraine  #Finance  #PINbank  #Ukrposhta
Source – https://t.me/Sherlock_Ukraine