Privatbank sold to the state

12/21/16

On December 21, 2016, the Ministry of Finance and the State Deposit Fund signed an agreement on the sale of 100% of the shares of the PJSC “Privatbank”.

This agreement is a result of the prompt and well-coordinated actions by the Ministry of Finance, the National Bank of Ukraine, the State Deposit Fund, the National Securities and Stock Market Commission, the National Depository Office as well as the Ukrgazbank and Ukreximbank.

Within the record-like 72 hours, reserves for active banking operations were set up, additional shares were issued and placed on the market. Amendments to the bank charter were made, the transitional balance sheet was prepared and all due procedures for the sale of the shares and the change of the bank owners were finalized.

As per December 21, the Privatbank’s capital was negative and the State Deposti Fund – in line with the Law of Ukraine “On the Warrant System for the Savings of Private Persons” sold all shares of the bank to the Ministry of Finance at the price of one hryvna.

The nationalization of the Privatbank serves as a guarantee for its additional capitalization which is due to take place soon. The state serves as a warrant for all obligations of the Privatbank towards its customers including the currency of their accounts and other terms.

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