The Supervisory Board of PJSC “National Depository of Ukraine” (NDU, Kyiv) announced the extension of the deadline for accepting applications from candidates intending to participate in the competitive selection process for the position of NDU Board Chair until April 22 inclusive.
“To attract a wider range of candidates and ensure the selection process is as transparent and competitive as possible,” the announcement on the NDU website states.
According to the announcement, the selection process will take place in two stages: in the first stage, all interested parties submit their applications to participate in the competition, and in the second stage, interviews will be held with the selected candidates.
Afterward, the supervisory board will submit recommendations regarding the candidate for the position of CEO for consideration at the general meeting of NDU shareholders, who have the authority to make this decision.
It is noted that candidates, among other things, must have at least five years of experience as a manager in capital markets and/or organized commodity markets and be thoroughly familiar with “the issues and trends in the development of Ukraine’s capital market, particularly the stock market infrastructure, legislation governing professional activities, as well as experience working in foreign capital markets.” During the interview, they will be required to briefly present their vision for the depository’s strategic development in the medium term.
As reported, from June 2021 until the end of December 2025, Alexey Yudin served as the head of the NDU’s board, and currently, until the conclusion of the competition, Marina Adamovskaya holds that position; she has served as deputy head of the board since June 2019.
In early September 2025, the National Bank announced the launch of a memorandum of cooperation in support of an integrated capital market infrastructure, signed in Rome in July of this year with the European Bank for Reconstruction and Development (EBRD) with the participation of the Ministry of Economy, the Ministry of Finance, the National Bank, and the National Securities and Stock Market Commission (NSSMC). The first stage involved optimizing the ownership structure and corporate governance of the NDU by transferring the state’s stake to the NBU for management.
Next, plans call for the creation of a holding company involving a reputable international strategic investor (an operator of trading and post-trading infrastructures) selected through an open tender, international financial organizations, local market participants, and the state/state-owned banks.
This holding company, in turn, will establish a new stock exchange in Ukraine, which will replace the National Bank as the majority owner of the central clearing institution—the Settlement Center. Additionally, this exchange will hold a minority stake in the NDU, while the National Bank will hold the majority stake.
The final stage should be the consolidation of depository services under the NDU, which is to function as a single central securities depository, by transferring to it the functions of accounting for and servicing government bonds from the National Bank.
In addition to managing the state’s 25% stake in the NDU, as of September 24 of this year, the National Bank directly owned 25%, with another 10.9399% belonging to its Corporate Pension Fund, while the state-owned Oschadbank and Ukreximbank held 24.9903% and 9.9903%, respectively. At the same time, the National Securities and Stock Market Commission (NSSMC) appoints the trustee for the shares of Oschadbank, Ukreximbank, and the NBU’s Corporate Pension Fund, but this provision of the law on the depository system is expected to be amended as part of the infrastructure reform.
Another 4.0795% of the shares were owned by 27 legal entities and 2 individuals; specifically, Yelena Nusinova held 1.7054% of the shares, and Odessa Privatization Center LLC, owned by former NSSMC member Viktor Ivchenko, held 1.7151%.
