The National Bank of Ukraine published a formal position on Sense Bank JSC after questions at a parliamentary temporary investigative commission, restating that the bank’s nationalization was driven by sanctions-related risks to financial stability and to depositors and other creditors, not by the issues now being examined by lawmakers. The statement also says reviews are under way of the supervisory board’s continued compliance, including the independence of Chair Mykola Hladyshenko, and that administrative proceedings have been opened to assess whether chief executive Oleksii Stupak meets the qualification requirements set by Ukrainian law and NBU rules. According to the NBU, sanctions on the bank’s qualifying shareholders left them unable to maintain capital and take timely action to prevent insolvency, while the bank’s regulatory capital fell by 50% between 1 March 2022 and 1 July 2023, versus a 29% increase at other systemically important banks. The regulator said it does not nominate or select supervisory board candidates, but checks professional fitness, business reputation and independence after government appointment. Since nationalization, Sense Bank has been under enhanced supervision, including three on-site inspections, multiple in-depth off-site reviews, supervisory measures, 13 referrals to law enforcement authorities and the State Tax Service, and four letters to the State Financial Monitoring Service. Those reviews identified indications of a past concealed parallel management structure linked to former sanctioned shareholders, including covert protocols, hidden committee structures, shadow managers and transactions with suspicious counterparties, which the NBU said point to significant misstatement in reporting, extensive related-party dealings, capital shortfalls and possible sanctions breaches. The NBU also rejected allegations that it was inactive or influenced the bank’s tariff policy, saying tariff setting is a matter for the bank’s management bodies and pointing to five financial monitoring inspections of Sense Bank over the past four years, fines of UAH 47.7 million in 2023 and UAH 4.1 million in 2025, and binding recommendations on financial monitoring and credit risk management. On capital and distributions, profits for 2023 and 2024 were retained, 2025 profit of UAH 3,670 million was allocated 5% to the reserve fund and 95% to accumulated losses, and the bank is expected to pay dividends to the state for the first time in 2028 under its recapitalization program.
National Bank of Ukraine 2026-05-06
National Bank of Ukraine sets out formal position on Sense Bank with supervisory board compliance and CEO qualification reviews under way
The National Bank of Ukraine reiterated that Sense Bank JSC’s nationalization was driven by sanctions-related risks to financial stability and depositors, and is reviewing the supervisory board’s compliance and the chief executive’s qualifications. It detailed extensive post-nationalization supervision, including inspections, referrals to law enforcement, and discovery of a concealed parallel management structure linked to former sanctioned shareholders. The NBU rejected claims of inaction or influence over tariff policy and confirmed profits are being retained or used to cover losses, with dividends to the state expected only from 2028 under the recapitalization program.