Privatbank should be sold within the next five years - Finance Minister

Source : 112 Ukraine

According to the Minister of Finance, the sale price will depend on the market conditions at the time of the sale.
18:56, 9 February 2018

112 Agency

The Minister of Finance of Ukraine Oleksandr Danyliuk has claimed that the Strategy of state banks management provides for the sale of Privatbank within a period of 5 years. The minister said this during a press briefing on Friday, Ukrainski Novyny reports.

Related: Privatbank sees in assets increase by 21% over 2017 – preliminary report

According to Danyliuk, the Strategy of state banks management is ready and expected to be confirmed by the Cabinet of Ministers either next week or within the upcoming two weeks.

“It provides for the full transfer of Privatbank into the private sector within 5 years”, - the minister said.

Related: Finance Ministry injects UAH 16 billion into Privatbank

According to the Head of the Finance Ministry, the sale price will depend on the market conditions at the time of the sale.

In 2016, the government endorsed the suggestion made by the National Bank and the Financial Stability Council regarding the transition of PAO Privatbank into full state ownership. On 19 December, after the nationalization of Privatbank has been announced, Ukrainians withdrew around $73.26 from Privatbank cash machines. On 21 December Privatbank was transferred into state ownership.

Related: Kroll confirms fraudulent manipulation of Privatbank before nationalization caused at least $5.5 billion – National Bank

On 23 June 2017, the Cabinet of Ministers decided to increase Privatbank’s capital by $1.41 billion. The National Bank claimed the ex-owners of Privatbank had not fulfilled their obligations by 1 July. In December, another $586 million were added to the bank’s capital.

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