Articles of Association Amendments Notice

Dear clients and partners, please be informed that the amendments entail no renewal of the previously concluded agreements and in no way affect the assumed obligations between the bank and the client. In addition, Oschadbank remains state bank both now and before the amendments. The sole shareholder owning 100% of the bank’s shares is the state. With this view, the Law of Ukraine “On Banks and Banking” leaves the state warranty irreversible regarding the individual deposits in the State Savings Bank of Ukraine, the fact of that has been reflected in the bank’s revised Articles of Association.

Since 2015, the Verkhovna Rada of Ukraine has adopted a number of laws in order to implement the corporate governance and activity requirements provided for in European directives in the national laws, as well as to enhance the laws in such areas as securities issue, information disclosure on Ukraine’s stock market and information services. One of the most important laws is Law of Ukraine No. 2210-VIII “On Amending Some Regulations of Ukraine on Simplifying Business and Attracting Investments From Securities Issuers” dated November 16, 2017, which came in force on January 6, 2018. The provisions of the Law at the same time change the approach to assigning joint stock companies to public and private ones, and also establish that the name of a joint stock company should not necessarily contain its legal form (either public or private).

The laws have differentiated joint stock companies in Ukraine by public and private ones based on formal signs. At the same time, European practice recognises only those public companies that publically offer their securities. Upon the Law’s enactment, only those issuers (companies) the securities of which as of January 1, 2018 are listed on the stock exchange (stock register) or which publish the statement that they have previously publically offered their securities, will be deemed public ones. That is shares of a public joint stock company may be purchased and sold on the stock exchange. Earlier banks could exist only in the form of a public company under the laws. This Law allows banks not only to exist in the form of a public joint stock companies.

As Oschadbank is a state bank, 100% share capital of which belongs to the state, the bank’s shares cannot be a commercial article, it has been decided to change the form of the joint stock company from public to private one. On June 5, 2019, the Cabinet of Ministers of Ukraine changed by its resolution the form of Public Joint Stock Company “State Savings Bank of Ukraine” to private one and renamed it as Joint Stock Company “State Savings Bank of Ukraine” – JSC “Oschadbank”.