PrivatBank plans to sell claim rights for portfolio of card loans for UAH 4.8 billion through SETAM

By the end of the year, PrivatBank plans to sell through SETAM the claims on the portfolio of card loans for UAH 4.8 billion.

This is stated in the bank's message, the Ukrainian News agency reports.

As part of the government- and NBU-approved policy of reducing problem debt of state-owned banks, PrivatBank plans to sell claims on a portfolio of card loans with a total debt of UAH 4.8 billion by the end of 2024.

As Larysa Chernyshova, a member of the board of PrivatBank in charge of risk management, reported, the portfolio planned for sale includes consumer loans of previous years, granted to individuals without collateral, which were recognized as hopeless and written off at the expense of the formed reserves.

Loans for which debtors are military personnel and mobilized are excluded from the portfolio for sale - according to the information available in PrivatBank.

In order to ensure the most fair and transparent conditions of sale, PrivatBank will continue to implement the rights of claims for card loans of individuals through the OpenMarket electronic auction (SE SETAM of the Ministry of Justice of Ukraine).

Currently, PrivatBank is updating the Trading Rules to attract a wider range of potential market players.

The next posting of an information announcement on conducting electronic auctions is planned for August 2024, the conditions and time of their holding will be notified additionally.

As the Ukrainian News agency earlier reported, in March 2024, based on the results of SETAM auctions, the bank successfully signed an agreement with the winner of the electronic auction on the sale of a portfolio of card loans with a total debt of UAH 491 million and a value of UAH 13.1 million.

100% of PrivatBank belongs to the state represented by the Ministry of Finance.