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PrivatBank to sell stocks of its Latvian subsidiary

The activity of the Cypriot subsidiary is minimizing
18:52, 24 April 2019

Open source

PrivatBank has not been managing its Latvian subsidiary since nationalization. The authority tries to minimalize the work of its subsidiary in Cyprus. Chairman of PrivatBank Petr Krumphanzl stated this, as LIGA.net reported.

“We do not participate in managing the Latvian PrivatBank. I know that in any case our stocks will be sold. In Cyprus, we have a subsidiary and now we are intending to minimize its activities,” the report said.

Related: PrivatBank nationalization: Judges claim pressure from authority

PrivatBank is the biggest commercial bank in Ukraine.

Earlier, Pechersk District Court of Kyiv found invalid the contract on personal guarantee of Ukrainian oligarch Ihor Kolomoysky for refinancing loans that were issued by PrivatBank before the state enters the capital. 

On April 18, Kyiv-based court ruled that the nationalization of Privatbank in late 2017 was 'conducted with multiple law breaches.' The court, thus, granted the motion by Ihor Kolomoysky, the oligarch who appealed against the nationalization of the bank he had owned.

District Administrative Court of Kyiv granted the claim of Ukrainian oligarch Ihor Kolomoysky against the National Bank of Ukraine and Ukraine’s Government on nationalization of PrivatBank.

Related: Decision on PrivatBank complicates cooperation with IMF and EBRD, - National Bank

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