NBU: PrivatBank Needs Additional Capitalization

Head of the National Bank of Ukraine Valeriya Hontareva has announced that PrivatBank needs additional capitalization.

She said this at the Dragon Capital's 13 Annual Investment Conference in Kyiv, Ukrainian News Agency reports.

"The supervisory board of the bank has already submitted respective additional capitalization request," she said.

Hontareva also reported that at the beginning of the nationalization process it was estimated that the bank needed UAH 146 billion in additional capital.

She also said that the overall update of development strategy for the state banks would be required as a result of the nationalization of PrivatBank.

As Ukrainian News Agency earlier reported, in late February, the Cabinet of Ministers of Ukraine decided to additionally increase the capital of PrivatBank by UAH 9.8 billion.

The capitalization was expected to make up to UAH 116.8 billion, however, in 2016, the bank's capital was raised by UAH 107 billion.