The supervisory board of PrivatBank (Kyiv) has announced McKinsey & Company the winner of a tender to select an internationally recognized company responsible for drawing up a strategy of the financial institution.

PrivatBank said in a press release that the objective of this assignment is to design a market strategy to optimize PrivatBank operations while ensuring the best interest of its shareholder and financial stability and to perform a diagnostic of the Bank and assess its ability to rebuild a strong, sustainable business model, and to generate strategic options for its further evolution.

To design the above mentioned strategy the banking sector landscape and perspective should be analyzed, assessed and special attention should be paid to the other State owned banks (e.g. Oschadbank, Ukreximbank and Ukrgasbank) besides PrivatBank.

The press service of PrivatBank told Interfax-Ukraine that the document is to be drawn up during eight weeks.

As reported, on December 18, 2016 the government at the suggestion of the NBU and PrivatBank shareholders, the largest of whom at that time were Ihor Kolomoisky and Hennadiy Boholiubov, decided to nationalize this largest financial institution in the Ukrainian market. The state received 100% of its capital, and PrivatBank was capitalized for UAH 116.8 billion.