Cabinet transfers PINbank to Communities Development Ministry with subsequent transfer to Ukrposhta – Shmyhal

The Cabinet of Ministers has transferred the First Investment Bank (PINbank) to the Ministry of Development of Communities and Territories with subsequent transfer to the Ukrposhta joint-stock company.

Prime Minister Denys Shmyhal announced this during a government meeting, the Ukrainian News agency reports.

"Today, by its decision, the Government transfers the shares of the First Investment Bank, which previously belonged to Russian oligarchs, to the Ministry of Infrastructure with subsequent transfer to Ukrposhta. Thus, we are creating a postal bank," he said.

Shmyhal noted that Ukrposhta has its branches in all corners of the country, so this will open up new opportunities for Ukrainians who do not use digital tools.

"Receiving assistance, social benefits, ordering goods and medicines will now be within walking distance. In addition, this decision will save the state up to UAH 5 billion over the next 3-4 years. We will direct these funds to finance priority budget items," he said.

Shmyhal noted that the Winter eSupport program initiated by President Volodymyr Zelenskyy demonstrates high efficiency: more than 12.6 million Ukrainians have already applied for assistance, more than 11 million have already received UAH 1,000 of support.

Taking into account the experience of implementing the program, the government decided to improve the infrastructure through which people receive assistance from the state.

The representative of the Cabinet of Ministers in the Verkhovna Rada, Taras Melnychuk, reported on the Telegram channel that the Cabinet of Ministers has transferred to the Ministry of Communities and Territories Development the authority to manage corporate rights owned by the state in the authorized capital of the First Investment Bank joint-stock company, which were collected as state income in accordance with the decision of the High Anti-Corruption Court of February 27, 2023.

As the Ukrainian News agency earlier reported, in January 2024, the state, represented by the State Property Fund, became the owner of a controlling stake in the First Investment Bank (PINbank) in the amount of 88.89%, which the court confiscated from the russian billionaire and president of the moscow football club "CSKA" Yevgeny Giner.