PrivatBank is no longer private

PrivatBank is no longer private

22.12.2016 News

On December 18 at 23:30 p.m. it was  posted the information on the site of the Governmental portal of Ukraine  that on  December 19, 2016, the PJSC Privatbank goes into 100 % ownership of the state. The text of the statement  also reports  that the decision was made at the meeting of the Cabinet of Ministers of Ukraine on Sunday. According to the original source, the nationalization of financial institution is aimed at stabilizing the financial system of Ukraine.

In addition, it is also pointed in the document  that the initiative of the National Bank received the support of representatives of National Security and Defense Council of Ukraine.  It should be noted that the specific reasons for the nationalization of the largest bank in Ukraine are not indicated in the document. On the other hand, the authorities assure  that the transfer of PrivatBank under the  state control will not affect neither the progress of the company nor the customers to dispose freely their bank accounts.

Recall that on Friday our editors asked the PrivatBank to comment on a heated situation around the financial institution. Thereat the representatives of the bank assured that the nationalization will not happen. Perhaps such actions were associated with the need to ensure the stability of the banking system, and the desire to protect the population from panic. However,  for now we have the fact of the PrivatBank’s transition in state ownership, which causes even more questions, but to the government.

 Also read: PrivatBank deflated the  rumors about nationalization

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