National Bank of Ukraine (NBU) believes that PrivatBank will need additional capitalization of $1.1 billion. This was reported by Valeria Gontareva, the Governor of the National Bank of Ukraine, during the round table in Washington on the subject "Reforms of banking sector in Ukraine: Achievements, challenges and forecasts", according to regulator’s press service on Facebook.
"Of course, as the Head of Central Bank I am already aware with preliminary results of the report. And these results are even worse than we expected earlier. $5.45 billion is not all the money needed for additional capitalization of PrivatBank due to all violations and fraudulent activities that took place with previous shareholders. I can say that last night (before the start of nationalization) fraudulent activities (by former management) amounted to more than $600 million," Gontareva said.
According to Gontareva, bank will require recapitalization of $1.1 billion. NBU Head said that the need for capital may be more than expected due to the final official audit results to be published by the end of this month.