Ukraine’s Finance Ministry has appointed Rothschild & Co and Ukrainian investment banking firm FinPoint to prepare state-owned Ukrgasbank and Sense Bank for privatisation, reported Ukraine Business News.

The ministry, the two banks and N. M. Rothschild & Sons Limited, part of Rothschild & Co, signed advisory agreements covering preparations for potential sales.

The advisers will conduct comprehensive reviews of both lenders, help determine starting prices for the state’s shareholdings, prepare information for prospective buyers and seek international investors. They will also assist in organising competitive sale processes.

Rothschild & Co was selected through a competitive tender and has worked with FinPoint in Ukraine since 2009, the ministry said.

FinPoint has advised on more than 60 transactions involving private and public-sector clients, according to the firm. Its previous work includes advising on the sale of Idea Bank and Ukrnafta’s acquisition of a stake in Shell’s Ukrainian fuel retail business.

The appointment marks a preparatory step in the government’s broader plans to reduce its presence in the banking sector and attract private capital. However, the ministry stressed that selecting advisers does not mean the banks will be sold immediately.

Both Ukrgasbank and Sense Bank continue to operate normally and meet their obligations to customers, including depositors, it said.