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.
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.
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.
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.