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PJSC PrivatBank transferred to 100% state ownership

posted 18 December 2016 23:29

The Cabinet of Ministers of Ukraine, at its meeting on Sunday, considered issues to ensure stability in the financial system of the country. Taking into account the results of a meeting of the National Defence and Security Council of Ukraine, the Government has supported the proposal put forth by the National Bank and the Council for Financial Stability on the transfer of the PJSC PrivatBank to 100% state ownership.

It is envisaged that the Government represented by the Finance Ministry will become the owner of 100% shares of PJSC PrivatBank and ensures smooth functioning of this financial institution and security of assets of its clients.

These actions are being taken in close coordination with international financial organizations and with their support.

NBU Governor Valeria Gontareva, who took part in the meeting of the Government, and Finance Minister Olexandr Danyliuk informed members of the Cabinet that private shareholders of the PrivatBank had appealed to the Government with a proposal that the Government acting in the interests of the Bank’s clients become its absolute owner.

The transition will begin on December 19. The state will provide a smooth transition, stable work of this institution in the habitual customer mode.

The Government believes that its responsible decision saved as Privat and the entire banking system.

The transition will start on December 19. The Government undertook to conduct "a smooth transition, stable operation of this institution in the usual mode its clients became accustomed to.

"The government says it proceeds from the fact that the responsible decision it has taken has saved both PrivatBank and the entire Ukrainian banking system.

On Monday at 8.30 a.m. Minister of Finance Oleksandr Danyliuk and NBU Governor Valeria Gontareva will announce details of the approved decisions at their joint briefing.

In the morning separate statements on this issue would be made by President of Ukraine Petro Poroshenko and Prime Minister of Ukraine Volodymyr Groysman.

 

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