Ukraine takes over Russian owned Sense Bank

 

UKRAINE – The President Volodymyr  Zelensky-led government of Ukraine has nationalised Sense Bank, formerly known as Alfa-Bank.

Sense Bank is mostly owned by Russian businessmen,  Mikhail Friedman. The bank according to reports has more than five million clients, including about 82,000 sole traders and 55,000 companies, with  about 5220 employees.

The process to nationalise the bank began in May 29, 2023, when the parliament of Ukraine, Verkhovna Rada adopted the law to formerly nationalise Sense Bank.

The law authorises the withdrawal if a systemically important bank from the market in the absence of signs of insolvency. In June 16, 2023, President Volodymyr Zelensky approved the law.

But in the message taking over the bank, authorities in Ukraine said that Ukraine will now become the sole owner of Sense Bank for just One Hryvnia, the deputy to Verkhovna Rada Yaroslav Zhelenznyak said on his social media channel.

Sense Bank is also the largest commercial bank in Ukraine with 210 branches and 706 ATMs.

The bank posted net income of 527 million Hryvnia in 2019 and by March 2021, its Net Asset was 96.8 billion Hryvnia.