National Bank to spend $1.1 billion more on capital increase of PrivatBank, — Gontareva

Source : 112 Ukraine

Earlier NBU has already put $5.45 billion into PrivatBank recapitalization
17:41, 21 April 2017


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. 

Related: Hontareva: Fraud transactions for $600 million in PrivatBank

Related: PrivatBank needs recapitalization, - head of National Bank of Ukraine

Related: S&P lowers Privatbank ratings to "selective default"

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