19 December 2016, Monday, 16:03

Cabinet To Sell PrivatBank After Stabilisation Of Its Operation

The Cabinet of Ministers will sell PrivatBank once its operation has stabilised.

Minister of Finance Oleksandr Danyliuk said this during a press briefing, Ukrainian News Agency reports.

"The Government has no plans to keep shares in such a big bank. We plan to sell the bank after having stabilised its operation and the situation," he said.

The Minister did not specify when this could happen.

ADVERTISING

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.