Ukrainian government to nationalize Kolomoyskyi’s bank
The Ukrainian government decided to nationalize the largest commercial bank in the country, Privatbank, which is owned by Ukrainian oligarch Ihor Kolomoyskyi, the press service of the Cabinet of Ministers reports. The decision was made at a government meeting prior to the press release.
“The Government supported the proposal of the National Bank and Financial Stability Board to transfer PJSC Privatbank to state property. The state, represented by the Ministry of Finance will become a 100% shareholder of PJSC Privatbank and will guarantee smooth functioning of this institution, thereby saving its clients’ money,” the statement reads. Bank shareholders themselves proposed the bank’s nationalization.
The Ministers emphasized in their statement that the transition period would begin on December 19 and that it would be a smooth transition, maintaining the stability of the institution and business as usual. “The government believes that such a responsible decision saved both Privatbank and the whole banking system,” the Cabinet added.
It was also reported that on the morning of December 19, Ukrainian Finance Minister Oleksandr Danyliuk and the head of the National Bank of Ukraine, Valeriya Hontareva, will announce the details of the decision. President of Ukraine Petro Poroshenko and Prime Minister Volodymyr Groysman will make statements on the nationalization of Privatbank.