Rothschild & Co Advising Ukraine on a Two-Bank Sale to Secure More Credit

Ukraine's financial problems are not getting smaller. Since Donald Trump's return to Washington, no comparable major new US aid package has been authorized, although previously approved American assistance continues to flow. Brussels and international lenders are more important than ever.

On February 26, 2026, the IMF approved a new four-year $8.1 billion Extended Fund Facility, part of a broader $136.5 billion international financing framework.

In return, Ukraine commited itself to reduce state ownership in its banking sector and preparing two systemically important banks, Sense Bank and Ukrgasbank, for privatization.

A Bank Acquired for One Hryvnia

Sense Bank has a particularly interesting history.

Formerly Alfa-Bank Ukraine, it belonged to Russian-linked shareholders, including Mikhail Fridman and Petr Aven. In July 2023, Ukrainian authorities nationalized the institution under wartime legislation, acquiring its shares for a symbolic one hryvnia - roughly three American cents at the time.

Sense Bank has already served its purpose. After nationalisation it was used as a conduit in the Midas-linked scheme. The supervisory board chair has been removed. The asset is now sufficiently used that it can be sold.

Welcome to international finance, Ukrainian edition.

On September 22, Zelensky personally met IMF Managing Director Kristalina Georgieva in New York to discuss Ukraine's financial needs for 2027. Successfully, it seems.

Who is this lady?

Kristalina Georgieva (born 1953, Sofia) is a Bulgarian economist. She spent years at the World Bank, then moved to the European Commission:

• 2010–2014: Commissioner for International Cooperation, Humanitarian Aid and Crisis Response
• 2014–2016: Vice-President for Budget and Human Resources (oversaw the EU budget and staff)

She later became CEO of the World Bank (2017–2019, briefly interim President) and has been Managing Director of the IMF since October 2019.

Why London-based N. M. Rothschild & Sons Limited?

Rothschild & Co has been partnered with Ukrainian adviser FinPoint since 2009. Since 2017 the pair have jointly advised the Ukrainian Ministry of Finance on sovereign debt strategy, Eurobond issues and liability management.

A country whose corruption problems are documented in multiple open cases, and which has already drawn public comments from Donald Trump, is now inviting London to help price and market a bank it acquired for the price of a cup of coffee. Black. In return it keeps the IMF disbursements flowing.

The EU’s fingerprints are not hard to find when the lender of last resort used to manage the EU budget.

Congratulations, white horse.

Good business, indeed.