The ECB has supported the acquisition of a qualifying holding and the exceedance of 30% of capital and voting rights indirectly in AS PrivatBank (Latvia) by the State of Ukraine, represented by the Ministry of Finance of Ukraine.

The acquisition of a qualifying holding is the result of the acquisition and immediate recapitalization of Privatbank PJSC (‘PrivatBank (Ukraine)’), i.e. the largest direct shareholder of the AS PrivatBank (46.54%), by the State of Ukraine through its Ministry of Finance.

Taking into account the Joint Guidelines on Qualifying Holdings, the criteria set out under Article 23(1) of CRD IV (Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms) have been assessed by the Financial and Capital Market Commission of Latvia (hereafter – FKTK) and the European Central Bank (ECB) on the basis of the documentation (in particular, regarding nationalization, financial conditions of PrivatBank (Ukraine) etc.) provided by the Ministry of Finance of Ukraine to the FKTK.

This decision was made on the basis of the FKTK’s draft decision and the ECB’s own assessment.

Ministry of Finance of Ukraine highly appreciates contribution of colleagues from FKTK in finalization of qualifying holding formalization process.

We are looking forward to continuation of effective cooperation with European colleagues.