JSC Oschadbank has signed a contract for the overhaul of the premises of the second and third floors of its branch in the Diamond business center at 4 Vaclav Havel Boulevard in Kyiv. The cost of the work is UAH 70.13 million. The contract was signed with Red Bud LLC, which was accredited as a construction contractor at Oschadbank just a few months before the tender. This was reported by Nashi Groshi with reference to data from the Prozorro system.
The renovation should be completed by August 2026. The technical specifications include a complete renovation of the interior: dismantling and installation of floor coverings, walls and ceilings, installation of new partitions and doors, replacement or modernization of engineering networks, including heating, ventilation, air conditioning and power supply systems. The contract price is fixed as "firm" and already includes a separate provision of UAH 7.15 million for inflation risks.
It was the cost estimate that raised questions among specialized analysts. The most expensive item of expenditure was rectangular class H ducts made of galvanized steel with a thickness of 0.7 mm. In the Oschadbank project, they were estimated at UAH 6,159 per square meter (price including VAT, excluding delivery). For comparison, according to open price lists of specialized sellers of ventilation equipment — such as Vent shop, VentSAP, StroyKlimat, and Turbovent — similar ducts cost from approximately UAH 700 to 1,500 per square meter.
In the construction services market for October 2025, significantly lower figures are recorded for other customers. For example, in the estimate for the construction of a veteran's space in Bucha, similar air ducts were laid for approximately UAH 1,102 per square meter. In the project for arranging a shelter in the Svyatoshynskyi district of Kyiv, the price was approximately UAH 1,323 per square meter. During the construction of the shelter in Ivankiv, the price was about UAH 746 per square meter. That is, the amount laid by Oschadbank is four or more times higher than both market offers and current figures from other budget construction projects. According to estimates by Nashi Groshe, the potential overpayment for the air ducts position alone could be about UAH 4 million.
Three companies took part in the procedure - Red Bud LLC, Hephaestus Bud VM LLC and BK Olbud LLC. Only contractors who have internal accreditation of Oschadbank in the direction of Construction Works and Current Repairs, and also meet an expanded package of requirements, were allowed to participate in the tender. Among these requirements - confirmed turnover for the previous year at a level of not less than 100% of the expected purchase price, the presence of at least two similar completed contracts, their own material and technical base, engineering and technical personnel (at least five specialists) and workers (at least seven). Separately, contracts for the disposal of construction waste, laboratory testing of materials and permits for high-risk work, including high-altitude and welding, were required. The tender offer security in the form of a bank guarantee amounted to UAH 351 thousand.
The winner was Red Bud LLC. This is a Kyiv-based company registered in 2018. The company is managed and owned by Anton Zaika. According to public procurement data, Red Bud has won contracts worth approximately UAH 1.75 billion since 2019, including from the National Guard, the State Emergency Service, and the Ministry of Defense of Ukraine. In other words, this is a contractor that actively works with the security and defense sectors and is now taking on a major project in one of the largest state financial institutions.
Several officials from Oschadbank are responsible for this repair. The bank is headed by Serhiy Naumov. Organizational issues of the procurement are supervised by Andriy Kravchenko, the bank's contact person in the tender documentation. The technical unit — in particular, the estimate and construction and installation parameters — is in the area of responsibility of Oleksandr Matviychuk, head of the capital construction department of the infrastructure department. It was their signatures and approvals that allowed us to fix the contractual cost and cost structure, including the cost of air ducts.
The key claim in this story now sounds not so much about the fact of the repair itself (bank offices do indeed need to modernize engineering systems, especially ventilation and power supply during wartime), but about the proportion of costs. If system elements cost several times more than market indicators and the practice of other customers for the same period, this creates a risk of artificially inflating the price and requires an explanation from the customer. The situation looks all the more sensitive because we are talking about a state-owned bank that works with state and client funds in wartime, and a contractor company that already has a large portfolio of defense contracts.
