Despite the opposition of the IMF: PINbank in Ukraine became state-owned, but what's next?

The Ukrainian First Investment Bank (PINbank), previously owned by Russian businessman and owner of CSKA Yevgeny Giner, has now been nationalized as part of the decision of the High Anti-Corruption Court. The State Property Fund received 89% of the bank's shares.

It is known that Giner filed an appeal against this decision to the Supreme Administrative Court, but it was left without consideration, and he was deprived of the right to appeal. The state, represented by the State Property Fund, now owns a controlling stake in PINbank.

Recently, the National Bank deprived Giner of the voting rights for 89% of the shares, setting this action on October 3, 2022. This happened more than 7 months after the beginning of the full-scale invasion of the Russian Federation into Ukraine. Compared to other cases, such as the disenfranchisement of Alfa-Bank (now Sens Bank) shareholder Mykhailo Fridman, which took place on March 2, 2022 (during the beginning of the invasion on February 24), the authorities acted with delay.

According to rumors that arose against the background of the authorities' procrastination, it became known that there is a possibility that PINbank may remain in Russian ownership.

However, the transfer of the First Investment Bank (PINbank) to the ownership of the state never took place. On October 3, 2022, the National Bank appointed Giner removed from the management of the bank, and on October 24, the Shevchenkiv District Court of Kyiv decided to transfer PINbank shares to the National Agency for the Detection, Investigation and Management of Corruption Assets (ARMA), after which ARMA began to manage the bank.

It is known that all active operations at PINbank were stopped, new loans were not issued, and the management focused on repaying old loans and settlement and cash operations of clients.

The official transfer of the bank to the ownership of the state was expected as early as 2023. The decision of the High Anti-Corruption Court in favor of the Ministry of Justice was made on February 27, and Giner's appeal was rejected on March 13. However, the authorities delayed the process. Later it turned out that she tried to coordinate the transfer of PINbank to the national postal operator "Ukrposhta", and the general director of "Ukrposhta" Ihor Smilyanskyi did not hide his interest in receiving the bank.

Despite the categorical opposition of the International Monetary Fund (IMF), which was revealed by the published letter of the head of the IMF mission in Ukraine, Gavin Grace, the authorities decided to nationalize the bank. Grace emphasized that the transfer of the bank to Ukrposhta violates the memorandum with the IMF and may complicate Ukraine's financial prospects. Currently, six banks are considered state-owned in Ukraine: Privatbank, Oschadbank, Ukreximbank, Ukrgasbank, Sens Bank and First Investment Bank.

The IMF's response to this move remains uncertain.

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