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%.
Marina Adamovskaya, who has been deputy chair of the board since June 2019, will become the new chair of the board of the National Depository of Ukraine (NDU, Kyiv). She will replace Alexei Yudin, who has been chair of the board since June 2021. According to a statement by the National Depository in the NSSMC disclosure system on Tuesday, this decision was made by the depository’s shareholders at an extraordinary meeting on December 24.
According to the statement, until Adamovskaya’s candidacy is approved by the National Securities and Stock Market Commission, Alexei Tarasenko, who has been a member of the NDU board since 2016, will serve as acting chairman.
The meeting also appointed Gennady Zhurov to the board, who in 2019-2022 was the head of projects and programs of the Payment Infrastructure Oversight Department of the Payment Systems and Innovative Development Department of the National Bank of Ukraine, and most recently worked as a senior consultant at Ukr-Resheniya LLC and Growth Solutions Partners.
In addition, the meeting re-elected Vitaliy Milentyev (independent) and representatives of the National Bank of Ukraine Yuriy Geletiy and Andriy Suprun as members of the supervisory board of NDU, and replaced two other independent members of the supervisory board – Vitaliy Lisovenko and Oleksiy Kiy were replaced by Oleg Mistyuk and Olena Dyatlova.
Mistyuk and Dyatlova are also independent members of the supervisory board of the Settlement Center, which is controlled by the National Bank, and Mistyuk is also an independent member of the supervisory boards of the state-owned Polygraph Combine Ukraine and Sens Bank.
In addition to managing 25% of the state’s shares in NDU, as of September 24 this year, the National Bank directly owned 25%, while the state-owned Oschadbank and Ukreximbank owned 24.9903% and 9.9903%, respectively. At the same time, the 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 changed in the process of infrastructure reform.
Another 4.0795% of shares were owned by 27 legal entities and two individuals, in particular, Elena Nusinova owned 1.7054% of shares, and Odessa Privatization Center LLC, owned by former NSSMC member Viktor Ivchenko, owned 1.7151%.
As of the beginning of 2025, the NBU also owned 83.549% of the Settlement Center’s shares and managed another 1.441% on behalf of the state. State-controlled Oschadbank, Ukreximbank, Ukrgasbank, Sens Bank, and PrivatBank owned 3.208%, 3.208%, 3.222%, 0.319%, and 0.0005%, respectively, while the NDU owned 0.080% and other shareholders (1 individual and 22 legal entities) owned 4.973%.
The chairman of the supervisory board of the Settlement Center is Suprun, who since October this year has also been a member of the supervisory board of the NDU, replacing the representative of the NSSMC.
