Bank nationalized
Print Edition
UKRAINE is nationalizing its largest bank following concerns over its stability in a move welcomed by the International Monetary Fund and the European Union.
The Cabinet agreed late on Sunday to move PrivatBank into full state ownership, saying the move was carried out “in close coordination with international financial organizations” and with the consent of PrivatBank’s owners. It was an apparent reference to the oligarchs Ihor Kolomoisky and Hennady Boholyubov, who together control over 90 percent of the bank. Ukrainian President Petro Poroshenko said in a statement yesterday that the decision “saved both the bank and the banking system” in Ukraine.
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