PrivatBank has put assets of the Bukovel ski resort up for sale with a combined starting price of UAH 3.56 billion, while the state is preparing to sell its shareholdings in Sense Bank and Ukrgasbank. For potential investors, these are opportunities to acquire significant assets in Ukraine’s tourism and banking sectors.
Below is an overview of the assets on offer, the sale terms, and the issues prospective buyers should consider.
1. Bukovel Resort Assets Offered for Sale at UAH 3.56 Billion
On 11 November 2026, PrivatBank announced the sale of certain real estate and infrastructure assets at the Bukovel resort in Polianytsia, Ivano-Frankivsk region. The bank acquired these assets in settlement of non-performing loans granted before the bank's nationalization.
The assets are being sold in two separate lots.
Lot No. 1 - Ski and Commercial Infrastructure.
Starting price: UAH 1.6 billion, excluding VAT.
The lot includes:
34 land plots with a total area of 100.86 hectares;
structures of 14 aerial cableways;
a pumping station and two transformer substations;
10 commercial premises with a total area of 4,058.5 sq. m.
Lot No. 2 - Hotel Properties.
Starting price: UAH 1.96 billion, excluding VAT.
The lot includes:
Radisson hotel complex, with an area of 30,577.9 sq. m;
hotel and dormitory complex, with an area of 8,648.4 sq. m;
2 land plots with a total area of 3.59 hectares.
The auctions are scheduled for 26 November 2026. The deadline for submitting bids is 20:00 on 25 November 2026.
The auctions will be held in three rounds, with bids increasing in each round. The minimum bid increment is 1% of the starting price.
To participate, bidders must pay a bid deposit equal to 5% of the starting price of the relevant lot:
UAH 80.07 million for Lot No. 1;
UAH 97.96 million for Lot No. 2.
Key Considerations for Potential Investors
Beyond the purchase price, prospective buyers should assess how the assets can be used, any existing restrictions, and potential additional costs.
1. Existing Lease Agreements
The properties are leased until 31 December 2026, subject to automatic renewal. Purchasing the assets therefore does not guarantee that the buyer can take over their operation immediately.
Prospective buyers should review the lease terms, the options for termination, and how the existing agreements may affect their intended business model.
The tenant may exercise its pre-emptive purchase right only by participating in the auction on the same terms as other bidders.
2. Scope of the Assets and Their Operation
The cableway lifting equipment identified in the mortgage agreement as an integral part of the relevant structures is excluded from the sale.
This may materially affect future use of the ski infrastructure and should be separately assessed of the technical and commercial aspects of its operation.
3. Land and Infrastructure Matters
Some of the structures are located on land plots owned by third parties.
In addition, the external electricity, water supply and wastewater networks are not owned by PrivatBank. The buyer will need to arrange utility connections and enter into the necessary service agreements independently.
Before acquiring the assets, buyers should therefore verify the relevant land rights, access to the properties, and the availability of essential utilities.
4. Requirements for Potential Buyers
PrivatBank will review not only the buyer but also its ownership structure, ultimate beneficial owners and management.
Key requirements include the absence of sanctions, prohibited links to Russia and Belarus, and circumstances involving corruption, money laundering or terrorist financing.
Separate restrictions apply to former owners and managers of PrivatBank.
2. Sense Bank and Ukrgasbank: Preparations for Privatization Gather Pace
In parallel, the state is preparing to sell its shareholdings in two banks: JSC Sense Bank and JSB Ukrgasbank.
On 1 October 2025, the Cabinet of Ministers of Ukraine decided to begin preparations for their sale.
On 23 October 2026, the Ministry of Finance of Ukraine and both banks signed agreements with N. M. Rothschild & Sons Limited, part of the international financial group Rothschild & Co.
The financial adviser will work alongside Ukrainian investment banking firm FinPoint.
Their responsibilities will include:
conducting comprehensive due diligence on the banks;
preparing information and investment materials;
identifying and attracting potential buyers;
preparing recommendations on the starting prices of the shareholdings;
supporting the competitive sale procedures.
In addition, on 16 October 2026, the Cabinet of Ministers established a special commission under Resolution No. 1301 to organize the sale of state-owned shareholdings in banks.
The commission will oversee the competitive sale procedures, decide on bidder admission, and approve proposed starting prices and contractual terms. Final decisions on the sales will be made by the Government.
When Can Investors Participate?
As of 12 November 2026, the sale of both banks remains at the preparatory stage. No tenders have been announced, and the starting prices of the shareholdings, application deadlines and detailed participation requirements have not yet been published.
The appointment of financial advisers and establishment of the special commission nevertheless mark a shift from a general privatization decision to practical preparation of the transactions.
What Should Potential Investors Consider?
Unlike real estate acquisitions, investments in the banking sector involve additional regulatory requirements and transaction-structuring considerations.
In particular, potential investors should consider:
Regulatory approvals. Acquiring a qualifying holding in a bank requires compliance with banking legislation and the relevant approvals from the National Bank of Ukraine.
Buyer requirements. Important factors include a transparent ownership structure, evidence of the source of funds, financial standing and the investor’s business reputation.
Assets and liabilities review. Due diligence should focus in particular on the loan portfolio, non-performing exposures, litigation, regulatory risks and other matters that may affect a bank’s value.
Terms of future transactions. The size of the shareholdings, acquisition structure, potential buyer commitments and other material terms will be set out in the relevant tender documentation.
The preparatory stage gives investors time to assess the banks’ investment potential, consider possible transaction structures and prepare for regulatory procedures. This is particularly relevant to international investors considering entry into the Ukrainian banking market or an expansion of their existing presence.
