Ukraine is preparing a new phase of banking sector reforms that could see major state-owned lenders privatised and shares in the country's largest bank offered to investors, as authorities seek to attract foreign capital and reduce the state's dominant role in the financial system, reported Ukraine Business News.

Deputy Governor of the National Bank of Ukraine (NBU) Dmytro Oliynyk said the regulator is considering an initial public offering (IPO) for some state-owned banks as early as next year, with market leader PrivatBank emerging as a potential candidate.

"We would like to try, perhaps next year, to hold an IPO for some banks. We are even considering using the infrastructure of the Ukrainian or Polish stock market to sell shares of the most profitable institutions, such as PrivatBank," Oliynyk said.

The plans come as Ukraine continues efforts to align its financial sector with European standards while preparing for eventual post-war reconstruction and deeper integration with Western markets.

Oliynyk said the government also intends to privatise Ukrgasbank and Sense Bank in 2026 or 2027. Both institutions are currently state-owned and form part of a banking sector in which government-controlled lenders account for a majority of assets.

"Our task is to sell these banks at market price as soon as possible," he said.

According to the NBU official, interest from foreign investors is already emerging. Financial groups from EU countries that are expanding their regional presence have begun evaluating potential acquisitions, while one large European banking group has reportedly hired an investment adviser to prepare a purchase proposal.

The central bank expects foreign strategic investors to become the main buyers, noting that acquiring such institutions would require capital commitments of between €200mn and €300mn.

Officials also believe the eventual sale prices could significantly exceed book value. Oliynyk said state-owned banks are in strong condition, citing their customer service capabilities, digital infrastructure and growing role in financing investment projects.

Ukraine's banking sector has remained resilient despite more than four years of war. State-owned lenders, particularly PrivatBank, have reported strong profitability and maintained lending activity, helping support businesses and households amid economic disruption.