The largest bank in Ukraine becomes state property

At an extraordinary meeting on Sunday, December 18, the Cabinet of Ministers of Ukraine decided to transfer state ownership of the largest bank in Ukraine, PrivatBank, to 100%.

This is reported by the Government portal.

“At a meeting on Sunday, the Cabinet of Ministers of Ukraine considered issues of ensuring stability in the country’s financial system. Taking into account the results of the meeting of the National Security and Defense Council of Ukraine, the Government supported the proposal of the National Bank and the Financial Stability Council to transfer Privatbank PJSC to 100% state ownership.

It is envisaged that the state, represented by the Ministry of Finance, will become the owner of 100% of the shares of PJSC Privatbank and guarantee the uninterrupted functioning of this institution and the preservation of the funds of its clients,” the statement says.

It is indicated that these actions take place in close coordination with international financial organizations and with their support.

NBU Chairman Valeria Gontareva and Finance Minister Alexander Danilyuk said that PrivatBank's private shareholders appealed to the government with a proposal that the state should become its full owner in the interests of the bank’s clients.

According to government data, the transition period begins on December 19. The state will ensure a smooth transition, stable operation of this institution in the usual mode for its customers.

The Government proceeds from the assumption that the decision made by him saved both Privatbank and the entire banking system.
Meanwhile, President of Ukraine Petro Poroshenko said that Kiev guarantees Privatbank clients the integrity and integrity of their deposits.

Photo by wikipedia.org

Privatbank’s major shareholder is one of the richest people in the country, Igor Kolomoisky, who there was a conflict with the president of Ukraine.

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