The National Bank of Ukraine publicly explained its decision to designate Ukrposhta JSC Chief Executive Officer Ihor Smilianskyi as unable to meet fit-and-proper standards, after what it described as inaccurate public interpretations of the case. The central bank said administrative proceedings were opened in November 2025 following supervisory actions carried out during 2023–2026 and recorded systemic violations in Ukrposhta’s conduct of business. It said the assessment formed part of its standard supervisory practice for managers and was unanimously adopted by both the Qualification Commission and the Committee on Banking Regulation and Supervision and Oversight of Payment Infrastructures. The NBU also said the decision was separate from any banking license process, noting that Ukrposhta had not applied for a banking license. It added that while it has supported the broader policy concept of a bank for financial inclusion, any applicant would still need to demonstrate adequate financial standing, a credible business strategy and compliance with regulatory requirements. In explaining the wider context, the NBU pointed to Ukrposhta’s 2025 operating loss of more than UAH 400 million, said the improvement in overall financial performance had mainly come from asset sales rather than core operations, noted the company returned to losses in the first quarter of 2026, and highlighted the absence of a functioning supervisory board as a corporate governance issue. Given the public attention, the NBU said it is prepared to disclose the text of the Qualification Commission’s minutes. Because the material is covered by financial services confidentiality, disclosure would require a request from Mr Smilianskyi, either for release to him for onward publication or for publication by the NBU on its official websites with his authorization.
National Bank of Ukraine2026-06-25
National Bank of Ukraine explains unanimous fit-and-proper ruling against Ukrposhta CEO Ihor Smilianskyi
The National Bank of Ukraine said its November 2025 proceedings against Ukrposhta CEO Ihor Smilianskyi were based on supervisory findings from 2023–2026 and systemic business conduct violations, and that the fit-and-proper ruling was adopted unanimously by two NBU bodies. It said the decision was unrelated to any banking license application because Ukrposhta had not applied, while also citing the company’s losses and governance weaknesses. The NBU said it can disclose the Qualification Commission minutes if Mr Smilianskyi requests or authorizes publication.