The government of Ukraine decided to nationalize Privat – RBC

Logo PrivatBank

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PrivatBank will be nationalized. This decision was taken by the government of Ukraine. 100% of the shares will go to the Ukrainian Ministry of Finance

the Ukrainian Cabinet of Ministers supported the proposal of the nationalization of PrivatBank Igor Kolomoisky, reported on the website of the Cabinet of Ministers of Ukraine.

the Ministry of Finance will become the owner of 100% of the shares of the credit institution. The office “ensures smooth functioning of the institution and preserve the funds of its clients”, said in a statement.

This action occurs in “coordination with international financial organizations and with their support,” stressed the Ukrainian government.

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the Transition period will begin on December 19. The government “believes that its responsible decision saved as Privat and the entire banking system,” the report says.

the New Chairman of the Board of PrivatBank will be the former Minister of Finance of Ukraine Oleksandr Shlapak, said on his page in Facebook the Deputy Chairman of the Board of the credit organization Dmitry Dubilet. He noted that the age “should form a new team of top managers”. “Formally, the transition period during which we will introduce in a new team, will dlitsia few months,” said Dubilet.

on December 16 the newspaper “Economic truth”, which is the site of the “Ukrainian truth” has published an article that, citing sources, wrote that Igor Kolomoisky and other shareholders agreed to transfer Privat to the state after December 20 of the current year. Prime Minister Vladimir Groisman, noted the publication, voted against it. The newspaper’s source has admitted that the opinion of the head of the Cabinet could affect the other shareholder — Gennady Bogolyubov.

Press Secretary of PrivatBank Oleg Serga on the same day denied RBC a message of consent to transfer Kolomoisky Bank Ukraine. Information about this, he said, “just taken from the ceiling”.

Shortly before that, on 14 December, the first Deputy head of the Board of PrivatBank Oleg Gorokhovsky on the page in Facebook declared that the rumors about the imminent nationalization of banks is a planned attack on the organization. “By itself, the nationalization is not for investors and clients no consequences, because just leads to the change of ownership. If the government wanted to nationalize the Bank, it would have acted without unnecessary publicity. Here all on-to another: using citizens misunderstanding of the essence of nationalization, break up panic,” he stressed.

PrivatBank was founded in 1992. The Ukrainian businessman Igor Kolomoisky is the co-owners of the credit institution and owns a share of 41.6%. Another major shareholder is Gennady Bogolyubov, its share of 33.2%. According to the national Bank of Ukraine, July 1, 2016 to total assets (268,85 billion hryvnia) the Bank was the largest among the 108 banks operating in the country.