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24.6 25.05
26.85 27.55
Politics 2019-08-15T06:01:35+03:00
Ukrainian news
PrivatBank Converts Eurobond Into Capital

PrivatBank Converts Eurobond Into Capital

 

PrivatBank has converted its Eurobond into capital.

Bank’s Chairman of the Board Oleksandr Shlapak said this during a press briefing on Thursday, Ukrainian News Agency reports.

“This was the NBU’s decision. I hope we’ll come to an understanding with the holders,” he said.

PrivatBank has Notes of three series: USD 200 million and USD 175 million due in 2018, and USD 220 million due in 2021.

The Bail-in mechanism, used for the financial recovery of problem banks, supposes either conversion of deposits into shares in the financial institution, or into a special subordinated debt to replenish the capital.

As Ukrainian News Agency earlier reported, the Ministry of Finance on December 21 acquired ownership of 100% of shares in PrivatBank.

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