Ukraine: PrivatBank transferred to 100% state ownership
The Cabinet said this in a posting on its official website on Sunday evening.
"At a meeting on Sunday, the Cabinet of Ministers considered issues to ensure stability in the country's financial system.
"Taking into account the results of a meeting of the National Security and Defense Council of Ukraine, the government has supported the proposal put forth by the National Bank and the Council for Financial Stability on the transfer of PJSC PrivatBank to 100% state ownership," the statement reads, UNIAN reports.
The government represented by the Finance Ministry will become the owner of 100% of shares of PJSC PrivatBank and will guarantee the smooth functioning of the bank and security of its clients' assets.
"These efforts are being taken in close coordination with international financial institutions and with their support," the Cabinet said.
The transition will start on December 19. The government undertook to conduct "a smooth transition, stable operation of this institution in the usual mode its clients became accustomed to."
Privatbank has a 148 billion hryvnia ($5.6 billion) hole in its balance sheet, the country’s central bank governor said. ■