
On acquisition of qualifying holding in AS PrivatBank (Latvia)
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.