"Ukrposhta" will become a bank: The Cabinet of Ministers has made a decision, Smelianskyi revealed the first details

The national postal operator Ukrposhta will receive shares in PINbank (First Investment Bank), which was previously owned by Russian oligarch Yevgeny Giner. This will make it possible to create a postal bank in Ukraine for the first time. "Ukrposhta has been planning to "become a bank" for 8 years and now promises that 100% of Ukrainians will have access to banking services within a year.

The Cabinet of Ministers made the decision at a meeting on January 28. This was announced by Prime Minister Denys Shmyhal. "Today, the government is transferring the shares of the First Investment Bank, which previously belonged to Russian oligarchs, to the Ministry of Infrastructure with the subsequent transfer to Ukrposhta. Thus, we are creating a postal bank," the Prime Minister said.

It is noted that this will allow those Ukrainians who live in places where the network of bank branches is not developed to use banking services. "Ukrposhta has branches in all corners of the country, so this will open up new opportunities for Ukrainians who do not use digital tools," Shmyhal said.

"There are many banks – Ukrposhta is one. We have been going to this day for 8 long years... This is access to banking services not for 70% of the population, but for 100%. For your understanding: 70% of the population in the banking system is Costa Rica, Bolivia, Jamaica, and Kenya. And 100% are Japan, France, Germany, and the Netherlands (we'll even leave out the United States and Poland, where it's 95%)," Smelianskyi said.

He clarified that the postal bank will also serve people with disabilities at home, as well as provide services to citizens, including military personnel, where there is no connection. Smelianskyi reminded that Ukrposhta's network consists of more than 4,400 stationary and 1,900 mobile branches and 25,000 points of presence.

"We have a lot of work to do to prepare for the project launch. We plan to make the services available within the next 4-6 months, but we are talking about a year just in case, " Smelianskyi said.

Earlier, in 2024, Smelianskyi had already announced the development of a resolution on the transfer of PINBank to Ukrposhta. "The money of Russian oligarchs will work for Ukrainian citizens," he emphasized.

The nationalization of PINbank was announced in early 2024. As a result, the state became the owner of 88.89% of the bank's authorized capital, which was previously owned by First Investment Bank JSC, controlled by Russian oligarch Yevgeny Giner.

Giner himself was sanctioned by the National Security and Defense Council on October 19, 2022. In February 2023, Giner's shares in PINbank were confiscated by the High Anti-Corruption Court (HACC).

At the same time, the media reported back in April of 2021 that PINbank might come under the control of Ukrposhta. This was later confirmed by Vitalii Koval, the head of the State Property Fund at the time: "We are preparing for privatization. If a decision is made to transfer the bank to Ukrposhta or someone else, we will implement this decision. For now, we are moving towards privatization," he said.

"Ukrposhta has long been looking for a bank that would allow it to provide financial services in remote parts of Ukraine. For example, in January 2022, before the outbreak of the full-scale war, Ukrposhta approached the NBU with a request to buy Alpari Bank. As Smelyansky explained at the time, it was to be able to provide banking services (including money transfers, account replenishment, etc.) at post offices.

In June of the same year, the agreement was approved by the Antimonopoly Committee, but on May 29, 2023, the NBU rejected it due to "deficiencies in the documents." In December 2023, the sole shareholder of Alpari Bank decided to stop the financial institution's banking activities without terminating the legal entity. The bank actually ceased such activities on May 14, 2024.

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