Ukrposhta, Ukraine’s national postal service, is moving forward with plans to establish a banking institution, supported by a recent assessment indicating a positive capital position. As of January 1, 2023, the company is projected to have a capital surplus of 2 billion hryvnias, a significant turnaround following a period of negative capital attributed to regulatory changes by the National Bank of Ukraine (NBU).
The CEO of Ukrposhta, Ihor Smilyansky, noted that the company operates nearly 7,000 branches nationwide, surpassing the combined total of all banks in Ukraine, which stands at approximately 4,900 branches. This extensive network positions Ukrposhta to potentially attract clients from existing state banks, such as Oschadbank and PrivatBank.
Smilyansky acknowledged that the establishment of a bank could lead to a redistribution of clients within the banking sector, stating, “This is a market-driven scenario; it is not compulsory.” The CEO also expressed concerns regarding the sharing of customer data with other banks, which had been proposed under an agency agreement by the NBU. He argued that such an arrangement could result in significant financial losses for Ukrposhta.
Further elaborating on the financial implications, Smilyansky explained that entering into an agency agreement would lead to a projected loss of 1 billion hryvnias for Ukrposhta, while the state would gain 800 million hryvnias and other banks would receive 100 million hryvnias, ultimately resulting in a net loss of 0.1 billion hryvnias for the postal service.
In response to regulatory discussions, Smilyansky referenced a suggestion from NBU Governor Andriy Pyshny regarding the need for banks to engage in the sale of consumer goods, such as kettles, should they wish to diversify their services. He cited examples of other banks, including Oschadbank and Kredyt Dnipro, which have successfully launched marketplaces for such products.
In June 2025, the Ukrainian parliament enacted legislation aimed at enhancing financial inclusion, paving the way for the establishment of banks with limited licenses, which aligns with Ukrposhta’s strategic objectives. However, the company has faced challenges related to corporate governance, as noted in a report by RBC-Ukraine, which highlighted a letter from former supervisory board member Rinat Adbrasylov to the Ministry of Community Development. This letter indicated that Ukrposhta incurred losses of 2.5 billion hryvnias in 2024-2025, with negative capital reported by mid-September 2025, as commented on by banking sector expert Yevhen Dubohryz.
Ukrposhta is advancing plans to establish a bank, supported by a recent asset valuation indicating positive capital. The company, with a vast network of branches, aims to attract clients from existing state banks while navigating regulatory challenges.