Ukraine’s international partners support nationalization of PrivatBank

Ukraine’s international partners support nationalization of PrivatBank

Ukraine’s international partners support PrivatBank’s nationalization and the NBU’s efforts to reform the financial sector.

The press service of the National Bank of Ukraine reported this on its Facebook page.

"The international partners of Ukraine - the Delegation of the European Union to Ukraine, the World Bank, the U.S. Embassy in Ukraine, the European Bank for Reconstruction and Development (EBRD) - support the nationalization of PrivatBank," the report says.

The international partners are sure that nationalization was the only effective method of protecting the bank's depositors and the stability of the financial system.

“While this required the injection of more than UAH 155 billion in Ukrainian taxpayer funds to restore the bank’s solvency, it secured PrivatBank’s long-term viability, safeguarded the money of millions of Ukrainian citizens, and strengthened the country’s economic health,” the NBU said.

Ukraine’s international partners noted that they continued to support the efforts of the National Bank to reform Ukraine’s financial sector, including by introducing prudent corporate governance principles, and the Ministry of Finance’s efforts to reform corporate governance in state-owned banks.

As reported, on April 18, 2019, Kyiv's District Administrative Court satisfied businessman Ihor Kolomoisky's claim against the National Bank of Ukraine, the Cabinet of Ministers, the Deposit Guarantee Fund and the National Commission on Securities and the Stock Market regarding the nationalization of PrivatBank.

The Finance Ministry is preparing to appeal against the court decision regarding the illegal nationalization of PrivatBank. The National Bank of Ukraine will also submit an appeal against the ruling.


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