EY Starts Audit Of PrivatBank

Multinational accounting firm EY (former Ernst & Young) has started and audit of the state-owned PrivatBank.

Ukrainian News Agency learned this from a spokesman for the bank's press service.

The National Bank of Ukraine (NBU) previously said that PricewaterhouseCoopers, which was PrivatBank's accounting firm until now, was overvaluing the financial institution's collateral.

The NBU therefore hopes that PricewaterhouseCoopers will close down its branch in Ukraine.

As Ukrainian News Agency earlier reported, PrivatBank passed into government ownership on December 21, 2016.

The Ministry of Finance and the NBU measure PrivatBank's capital requirement at UAH 148 billion.