Ukraine's National Depository Extends Application Deadline for CEO Position to April 22

The Supervisory Board of the National Depository of Ukraine (NDU), located in Kyiv, has officially announced the extension of the application deadline for candidates interested in vying for the position of NDU CEO until April 22, inclusive. This decision was made to attract a wider pool of candidates and ensure a maximally transparent and competitive selection process, as stated in the announcement on the official NDU website.

The selection process will occur in two stages. During the first stage, all interested candidates will submit their documents for participation in the competition, while the second stage will involve interviews with shortlisted candidates. Upon completion of these stages, the Supervisory Board will provide recommendations regarding the candidate for the CEO position for consideration at the NDU shareholders' meeting, which holds the authority to make the final decision on this matter.

The announcement also emphasizes that candidates must meet specific requirements. In particular, they must have at least five years of managerial experience in capital markets and/or organized commodity markets. Furthermore, candidates should possess a thorough understanding of the issues and trends affecting the development of Ukraine's capital market, including the infrastructure of the stock market and the legislation governing professional activities. Experience in foreign capital markets is also a critical requirement. During the interview, candidates will be required to briefly present their vision for the strategic development of the depository in the medium term.

It is noteworthy that since June 2021 until the end of December 2025, the NDU was headed by Oleksiy Yudin. Currently, until the conclusion of the competition, this position is temporarily held by Marina Adamovska, who has served as the Deputy Chairperson since June 2019.

In early September 2025, the National Bank of Ukraine announced the commencement of the implementation of a cooperation memorandum aimed at supporting the integrated infrastructure of capital markets. This memorandum was 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 phase of implementing the memorandum involves optimizing the ownership structure and corporate governance of the NDU by transferring the state’s share to the management of the National Bank of Ukraine.

The next step plans to establish a holding company with the involvement of a reputable international strategic investor, who will be selected through an open tender, as well as international financial organizations, local market participants, and the state or state banks. This holding company will, in turn, create a new stock exchange in Ukraine, which will become the majority owner of the central clearing institution—the Clearing Center—replacing the National Bank in this role. Additionally, the new exchange will hold a minority stake in the NDU, while the National Bank will retain a majority stake.

The final stage of the plan aims to consolidate depository services based on the NDU, which is expected to function as a single central depository for securities. This involves transferring the functions of accounting and servicing the circulation of government bonds from the National Bank to the NDU.

As of September 24 of this year, the National Bank of Ukraine managed 25% of the state's shares in the NDU. At the same time, the National Bank directly owned another 25%, while 10.9399% of the shares belonged to its Corporate Pension Fund. State banks Oschadbank and Ukreximbank owned 24.9903% and 9.9903% of shares, respectively. The NSSMC appoints a trustee for the shares of these banks; however, during the implementation of the infrastructure reform, it is planned to amend this provision of the law on the depository system.

Moreover, 4.0795% of shares were owned by 27 legal entities and 2 individuals. Among them, Olena Nusinova owned 1.7054% of shares, while the Odesa Privatization Center, associated with former NSSMC member Viktor Ivchenko, held 1.7151% of shares. Thus, the process of selecting a new CEO for the NDU is taking place against the backdrop of significant changes in the structure of Ukraine's capital market.