Ukrainian government nationalizes country's largest bank

Ukrainian government nationalizes country's largest bank
Tags: Photo source:

The government of Ukraine made a decision to nationalize the country’s largest bank, PrivatBank, the half of which shares are owned by Ukrainian oligarch Ihor Kolomoyskyi, the statement published on the website of the Cabinet says.

The corresponding decision has been adopted at a session of the Ukrainian government on Sunday.

“The government supported a proposal of the National Bank and Council for Financial Stability to transfer PJSC PrivatBank into a 100-percent state ownership. The document stipulates that the state, acting through the Finance Ministry, will become an owner of 100% of shares of PJSC PrivatBank and will ensure smooth functioning of the institution and will preserve the funds of its clients,” the statement reads.

It is noted that these measures are taken in coordination with international financial organizations and with their support.

The transition period starts from the 19th of December, 2016.