NBU proposes to consider option of surrendering license of nationalized PIN Bank instead of transferring it to Ukrposhta
The National Bank of Ukraine (NBU) proposes that the government consider the option of surrendering the license of the nationalized First Investment Bank (PIN Bank) instead of transferring it to the national postal operator, JSC Ukrposhta, in order to avoid further accumulation of risks and capital erosion.
"The bank itself is unprofitable, violates the regulatory capital standard, and has no business model. It can only be used for its license. At the same time, the NBU notes the necessity of considering the option of surrendering the license in order to avoid further accumulation of risks and depletion of capital," the materials for the draft state budget of Ukraine for 2026, submitted by the government to the Verkhovna Rada on Tuesday night, state.
According to the NBU, the financial condition of Ukrposhta is critical. In particular, from 2022 to 2024, a loss of UAH 2.5 billion was incurred, and capitalization decreased 13 times - from UAH 2.8 billion to UAH 0.2 billion, which "creates a real risk of the company defaulting to creditors in the projection of further capital consumption."
According to the National Bank's assessment, the need for additional capitalization of the company as of the end of May 2025 is at least UAH 826 million.
As reported, in February 2024, the High Anti-Corruption Court of Ukraine seized 88.89% of PIN Bank's shares from Russian businessman Yevgeny Giner and transferred them to the state.
At the end of January this year, as reported by Prime Minister Denys Shmyhal at that time, the Cabinet of Ministers transferred the shares to the Ministry of Communities and Territories Development of Ukraine to create a postal bank.
The other day, Ukrposhta General Director Igor Smelyansky, in response to the National Bank's accusations, stated that the company does not require additional capitalization from the state budget and will fulfill the NBU's requirements for capital with its own resources, without additional capitalization from the budget, by January 1, 2026.
As of mid-2025, PIN Bank ranked last among 60 Ukrainian banks in terms of assets - UAH 364.6 million. Since the beginning of the year, they have decreased by 8.3%, and the loss for the first half of the year reached UAH 29.4 million.