2016-12-19T15:13:00+02:00 Economy 2024-09-15T12:55:52+03:00

Ukrainian news

Finance Ministry Involves Group Of Advisors In PrivatBank Management

Finance Ministry Involves Group Of Advisors In PrivatBank Management

The Ministry of Finance has involved a group of advisors the management of PrivatBank.

President Petro Poroshenko said this in his address, Ukrainian News Agency reports.

“A new group of highly professional specialists has been already hired for the management of the bank, and the European Bank for Reconstruction and Development (EBRD) has joined the formation process,” he said.

The National Bank and the Finance Ministry have been instructed to ensure a smooth transition of the bank into government ownership, its stable operation and full services to its clients, Poroshenko added.

In his words, the new management team must ensure uninterrupted servicing of socially vulnerable clients of the bank.

As Ukrainian News Agency earlier reported, the Cabinet of Ministers on December 18 decided to issue UAH 150 billion in domestic-loan government bonds for the increase PrivatBank’s capital with a result that 100% of the financial institution shall be transferred into public ownership

Then, the Cabinet decided to nationalise PrivatBank and to appoint former Minister of Finance Oleksandr Shlapak as its Chairman of the Board.

After that, the NBU declared PrivatBank insolvent.