The Cabinet of Ministers of Ukraine has appointed former PrivatBank board chairman Gerhard Bösch as an independent member of the supervisory board at state-owned Sense Bank in Kyiv.
The appointment was formally approved under Cabinet decree No. 864-r issued on August 31. The decision restructures the leadership of the financial institution following the removal of former supervisory board head Mykola Hladyshenko, whose authority was officially terminated on August 21.
The government had earlier expanded the supervisory body on August 24 with the appointment of Slovak banker Peter Novak. Novak brings extensive European financial sector experience to Sense Bank, having previously held executive roles at Tatra Banka, Raiffeisen Bank International, VUB Banka, and Prima Banka.
Supervisory board restructuring and anti-corruption probe
The reshuffle of the governing board comes shortly after major law enforcement actions involving the financial institution. On August 19, the National Anti-Corruption Bureau of Ukraine and the Specialised Anti-Corruption Prosecutor's Office publicly announced details of an investigation designated as Operation Forest Gump.
According to statements from law enforcement agencies, investigators suspect that Sense Bank was utilized in a scheme to launder 150 million hryvnias in illicit funds. Investigators alleged that these funds were used to pay bail for a primary figure in Operation Midas, a major inquiry into corruption within Ukraine's energy sector.
Based on context provided by investigative agencies, the bail payment was intended for former Minister of Energy and Justice Herman Halushchenko. Anti-corruption officials stated that participants in the scheme established control over Sense Bank and directed its operations to facilitate the payment using proceeds from criminal activities.
The agencies leading the probe, known as NABU and SAP, operate as Ukraine's primary independent anti-corruption institutions. They are tasked with investigating high-level financial crimes, public graft, and the misuse of state financial systems.
State ownership history and planned privatization
Sense Bank is designated by Ukrainian financial authorities as a systemically important financial institution. Originally established in 1992, the lender operated under the name Alfa-Bank from 2001 until 2022 as part of a Russian financial group.
Following the start of Russia's full-scale invasion of Ukraine, the institution severed ties with its former Russian parent group and rebranded as Sense Bank. In 2023, the Ukrainian state nationalised the lender to safeguard customer deposits and maintain domestic financial stability.
Supervisory boards in Ukrainian state-owned banks are responsible for corporate governance, risk oversight, and ensuring compliance with international banking standards. Bösch brings direct experience in state bank management, having previously led PrivatBank, Ukraine's largest commercial financial institution, which was nationalised in 2016.
The executive appointment comes as the government prepares the nationalised institution for a return to private hands. President Volodymyr Zelenskyy stated in May that the government intends to sell Sense Bank to private investors before the end of the year.
