On June 8, Dmytro Natalukha, head of the State Property Fund, personally introduced the new general director of Derzhzembank — Andrii Vydyborets. According to his declaration, prior to this appointment, Vydyborets held the position of director of the department of financial provision and accounting of the SPFU, meaning he was the chief accountant of the Fund itself.
Who left and why
Vydyborets's predecessor — Yaroslav Yaroslavskyi — headed Derzhzembank since June 2024. He built the institution practically from scratch: according to his own words, the project started "from an idea on a blank piece of A4 paper". During this time, the bank brought out of the shadows and transferred to management over 90,900 hectares of state agricultural land, of which 74,500 hectares were sold through auctions, and in 2025 — paid 369 million hrn in dividends to the budget (95% of net profit).
In May, Yaroslavskyi submitted his resignation. The official wording — "different approaches to further development" with the Fund's new team. He is leaving along with his team and transferring management.
Change in management logic
The appointment of the SPFU's chief accountant to lead a subsidiary controlled by the Fund — this is not simply a personnel rotation. This is a change in profile: instead of a manager with experience building a new structure — a financial controller from the parent organization. Natalukha came to the SPFU in January 2025 after the Council voted for his appointment with 244 votes; shortly thereafter, he dismissed two deputies appointed by the previous Fund head and announced "significant problems with state assets" based on audit results.
"This is an example of how state assets can work as a full-fledged economic instrument. 369 million hrn in dividends — these are funds that work for the country".
Dmytro Natalukha, head of the SPFU — on the results of Derzhzembank's work before the leadership change
What this means for the land market
Derzhzembank manages state agricultural land in conditions where the market has already shifted priorities: if at the start the main focus was the volume of the land bank, now it is quality and location of plots. The institution in 2025 entered the list of major taxpayers and competes in one segment with leading private agricultural holdings.
- 90,900 hectares brought out of the shadows and transferred to management
- 74,500 hectares sold through auctions
- 1.19 billion hrn in rental payments from farmers in 2025
- 369 million hrn in dividends to the state budget
If Vydyborets is Natalukha's person inside Derzhzembank, the question is not whether the institution's course will change, but whether the bank will retain operational independence from the SPFU — or the land operator will turn into a financial subdivision of the Fund with a separate sign.
