Recruiting firms are being sought for PrivatBank, Oschadbank, and Ukreximbank
12 August 08:57
The Ministry of Finance has simultaneously launched three competitive selection processes for PrivatBank, Oschadbank, and Ukreximbank. In the first stage, the government will not be selecting members of the supervisory boards, but rather international recruitment firms that will organize the search for candidates. The Ministry of Finance published a corresponding announcement, according to "Komersant Ukrainian"
A selection committee formed by the Ministry of Finance of Ukraine has announced a simultaneous selection process for companies to identify candidates for the positions of independent members of the supervisory boards of the three largest state-owned banks.
Separate competitions will be held for:
- JSC CB “PrivatBank”;
- Oschadbank JSC;
- JSC “Ukreximbank.”
Who Is the Ministry of Finance Actually Selecting Right Now?
The announced competition is not a direct selection of new members for the supervisory boards of PrivatBank, Oschadbank, and Ukreximbank.
At this stage, the government is seeking professional recruitment firms. The winning firms will be required to prepare and organize the search for candidates for the positions of independent members of the supervisory boards.
Thus, the procedure will consist of at least two separate stages:
- The Ministry of Finance selects a recruitment firm for each bank.
- The selected companies will search for, screen, and present candidates for the positions of independent members of the supervisory boards.
Which companies are eligible to participate
Recruitment firms with at least 10 years of international experience in sourcing bank executives are eligible to participate in the competitions.
This significantly narrows the pool of potential participants. These are not ordinary staffing agencies, but companies that work with the top management of financial institutions and are capable of conducting an international search for candidates.
A potential participant must confirm compliance with the established requirements by providing supporting documents. The procedure and criteria are defined by the government’s competitive selection regulations, approved by Cabinet of Ministers Resolution No. 159.
Specific conditions for each selection process are set forth in the competitive selection documentation:
Why a single company will not acquire all three banks
The Ministry of Finance is conducting three separate tenders simultaneously. A company that meets the requirements may submit documents to participate in multiple tenders.
However, a special restriction has been established: if a single participant scores the highest in the tenders for two or all three banks, it must choose only one bank to enter into a contract with.
Therefore, a single recruitment firm will not be able to simultaneously search for independent members of the supervisory boards for PrivatBank, Oschadbank, and Ukreximbank.
This rule effectively mandates the distribution of contracts among different contractors. This may:
- reduce the concentration of the process in the hands of a single contractor;
- attract diverse professional teams;
- broaden the pool of potential candidates;
- prevent the three state-owned banks from becoming simultaneously dependent on a single recruiter;
- reduce the risk of conflicts of interest.
If the winner of several tenders chooses one bank, the commission must proceed in accordance with the established procedure and the results of the proposal evaluation for the other tenders.
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Deadline for Submitting Documents
The deadline for submitting tender documentation is September 1, 2026, at 5:59 p.m.
Documents must be submitted to the following address:
- 04071, Kyiv, 11 Mezhigirska St., Ministry of Finance of Ukraine.
The package or accompanying documentation must clearly indicate which state-owned bank’s tender the proposal is for.
Companies planning to participate in multiple tenders should note that these are separate selection processes. Therefore, the requirements for the format and completeness of documents must be verified in each of the three announcements.
Submitting a proposal after 5:59 p.m. on September 1 may result in its exclusion from consideration.
What the Selected HR Company Will Do
A recruitment firm’s selection does not yet determine the specific composition of the supervisory board of the respective bank. Its task will be to professionally organize the search for candidates.
Specifically, the company’s work may include:
- searching for candidates in Ukraine and abroad;
- analyzing candidates’ professional experience;
- verifying compliance with established requirements;
- preliminary assessment of professional reputation;
- conducting interviews;
- compiling a list of the most qualified candidates;
- preparing materials for the selection committee.
Final hiring decisions will not be made by recruiters. The company will only assist the selection committee in identifying and evaluating potential independent members of the supervisory board.
What the bank’s supervisory board does
The supervisory board does not manage the day-to-day operations of branches, does not independently set customer rates, and does not review individual loan applications.
Its functions relate to strategic management and oversight. The supervisory board:
- determines the bank’s main areas of development;
- oversees the work of the management board;
- monitors the risk management system;
- oversees internal audit;
- participates in personnel decisions regarding senior management;
- evaluates the implementation of financial and strategic plans;
- oversees compliance with corporate governance requirements.
Independent members must make decisions free from the influence of the bank’s management, political forces, or individual business groups.
The requirements for the governance of state-owned banks are set forth in Article 7 of the Law of Ukraine “On Banks and Banking Activities.”
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