Ukrainian government nationalises PrivatBank, guarantees deposits

The Ukrainian government acquired 100 per cent of the shares of PrivatBank, after the Cabinet of Ministers approved a request from the National Bank of Ukraine to place the country’s largest deposit holder under temporary administration, the Cabinet of Ministers said in a late December 18 press release.

The bank’s controlling shares have been transferred to the state, starting a long and complicated nationalization process.

PrivatBank is the nation’s largest bank with 20 per cent of the sector’s $53 billion in assets.

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