17:56 02.02.2017

PrivatBank sends inquiry to Commerzbank seeking for explanations of blocking EUR 17 mln of banks' funds

KYIV. Feb 2 (Interfax-Ukraine) – Board Chairman of PrivatBank (Dnipro) Oleksandr Shlapak has confirmed information that Germany's Commerzbank has been blocking EUR 17 million belonged to the Ukrainian bank on its correspondent account.

"The situation with Commerzbank is not good. A major part of transactions are settled via this bank. Today it has blocked around EUR 17 million of our funds on its accounts. We have sent an official request. We are trying to clear up [a situation]," he said at a press conference at Interfax-Ukraine in Kyiv on Thursday.

Shlapak said that the agricultural machinery long-term financing program involving Ukrainian enterprises with guarantees of Germany's Hermes public insurance company is underway. Around 10 contracts are being implemented under it, and all contractors and PrivatBank settle all payments under them.

He said that the bank will inform media about the results of the talks with Commerzbank on the issue.

Earlier on Tuesday Creative Producer of Groshi television program Oleksandr Dubynsky said that Commerzbank has blocked EUR 17.8 million on the PrivatBank's correspondent account as a guarantee for liabilities under the above-mentioned program. He said that the German bank has this right if financial indicators of PrivatBank worsen.

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