Ukraine’s government has dismissed the chair of state-owned Sense Bank after the central bank determined that he no longer met the legal requirements for an independent supervisory board member. The decision comes as Kyiv prepares the systemically important lender for possible privatisation.
Government acts after central bank review
The Cabinet of Ministers terminated the authority of Mykola Hladyshenko as chair of the bank’s supervisory board on 21 August.
The National Bank of Ukraine submitted its findings to the government one day earlier. Under Ukrainian banking law, the government may remove an independent supervisory board member of a state-owned bank if the central bank concludes that the person does not satisfy the applicable qualification and independence requirements.
The decision followed a period of scrutiny surrounding the bank’s governance. Hladyshenko had previously suspended his own duties while information concerning the bank was examined. His responsibilities were temporarily delegated to independent board member Piotr Nowak.
The government has not presented the change as a response to liquidity, solvency or wider financial stability problems at Sense Bank.
A systemically important state-owned lender
Sense Bank is one of Ukraine’s systemically important financial institutions. The government completed its nationalisation in July 2023 after the bank’s former ownership structure became problematic because of connections to sanctioned Russian shareholders.
The Ministry of Finance now owns the institution on behalf of the state.
The bank’s importance extends beyond its balance sheet. It serves households and companies, operates a substantial digital banking platform and forms part of the financial infrastructure that Ukraine has maintained throughout the war.
Governance decisions at Sense Bank are therefore relevant to depositors, regulators and potential international investors.
Privatisation preparations raise the stakes
Ukraine is preparing to sell state-owned shares in both Sense Bank and Ukrgasbank.
The Ministry of Finance launched a competitive process earlier this year to appoint a financial adviser for the two transactions. The adviser will be expected to attract potential buyers, maximise the value received by the state and manage the preparation and execution of any sale.
Kyiv wants to reduce the government’s dominant position in the banking sector, where state-controlled institutions hold more than half of total market assets.
The wider privatisation programme is also intended to raise money for a national budget under severe pressure from military expenditure, reconstruction needs and the continuing cost of the Russian invasion. Ukraine has targeted approximately 13 billion hryvnias, or around $295 million, in privatisation proceeds during 2026.
Investor confidence depends on governance
The removal of a supervisory board chair does not determine whether the bank can be sold successfully. However, it demonstrates the level of scrutiny that potential investors are likely to apply.
A buyer will examine the bank’s financial position, management structure, regulatory compliance and political independence. Clear supervisory standards can support that process, while prolonged leadership uncertainty could complicate due diligence and valuation.
The European Bank for Reconstruction and Development has supported Ukraine’s privatisation efforts and indicated that it could consider financing future transactions, depending on the identity and quality of the buyers.
Ukraine’s decision therefore carries significance beyond one individual. Sense Bank is becoming a test of whether Kyiv can combine wartime financial stability with credible governance and private investment. Removing a board member who does not meet regulatory requirements may cause short-term disruption, but transparent supervision will be essential if the state expects international investors to commit capital.
Newshub Editorial in Europe – 22 August 2026
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