8 Apr 2022 18:09

National Bank of Ukraine proposes to seize $900 mln assets of Sberbank, VEB subsidiaries in favor of state

KYIV. April 8 (Interfax) - The National Bank of Ukraine on March 11 sent a letter to the Cabinet of Ministers, in which it proposed to seize the financial assets of IR Bank, formerly Sberbank, and Prominvestbank, which were withdrawn from the market, from Sberbank of Russia and VEB. RF," NBU Governor Kyrylo Shevchenko has said.

"About UAH 26 billion ($889 million) can be sent to revenue of the state. These are cash, government bonds, deposit certificates," he said in an interview with Economic Pravda, published on Friday.

Shevchenko recalled that these banks had their licenses revoked when Russia's military operation in Ukraine began. "And today we understand that the next step should be the forced withdrawal of these assets. It is clear that Ukrainian depositors of these banks must first receive their deposits within the guaranteed amount," the head of the NBU added.

Asked about Forward Bank and Pinbank, which also have Russian owners, Shevchenko said that they do not have a significant impact on the market.

"If, for example, we are talking about the same Pinbank, then it served exclusively its group as a captive, and if something even happens to it, it will be zero comma zero tenths something of the total banking system.

Regarding Forward Bank, there is indeed a Russian owner. It has a different model - consumer finance. If its model withstands this load, then it will withstand, the governor of the NBU said.

He reiterated the position of the central bank that the Ukrainian Alfa Bank, unlike those listed above, is significant for the banking system and has not been sanctioned, unlike a number of its shareholders.

"Our task is to act in such a way that millions of Ukrainian depositors do not suffer. The bank's shareholders must look for a way out of this situation. I do not rule out that this could be a sale to another owner. But this should be a sale that will not be seen as an attempt to circumvent sanctions" Shevchenko said.