Ukraine's Cabinet of Ministers has approved that the general rules to manage enterprises where the state owns over 50% of shares are not applied to state-owned PrivatBank (Dnipro) anymore.

The decision was made at a government meeting on Wednesday.

Finance Minister Oleksandr Danyliuk said at the meeting that the decision means the annulment of the obligation to appoint the supervisory board of PrivatBank under government resolution No. 142 dated March 10, 2017, as it was created several months ago in line with Article 41.1 of the law on the individuals deposit guarantee system with participation of international financial institutions (IFIs).

As reported, Danyliuk on December 23, 2016 presented the new supervisory board of nationalized PrivatBank. The supervisory board includes EBRD Managing Director for Eastern Europe and the Caucasus Francis Malige, representative of Apollo Global Management Andrea Moneta, former Deputy Finance Minister Artem Shevalev, financier Steven Seelig proposed by the World Bank, the investment banker, commissioner for Naftogaz Ukrainy investment projects Serhiy Oleksiyenko and representative of the International Monetary Fund Engin Akcakoca.

At a first meeting on January 17, 2017, the bank's supervisory board selected Akcakoca board head.