Volodymyr Stelmakh, who previously headed the National Bank of Ukraine in 2000-2002, and in 2004-2010, has been appointed as head of the supervisory board of PrivatBank (Dnipropetrovsk), the largest Ukrainian commercial bank.

The bank said in the information disclosure system of the National Commission for Securities and the Stock Market of Ukraine that on April 27 its shareholders at a general meeting introduced Stelmakh to the supervisory board, and on April 30 the supervisory board selected him as chairman, replacing one of the two largest shareholders in the bank, Hennadiy Boholiubov.

In addition, the shareholders expanded the supervisory board from three persons to five, introducing Viktor Lysystsky, an advisor to the board chairman, to the board.

Boholiubov and Ihor Kolomoisky retained their membership in the supervisory board, as well as their business partner Oleksiy Martynov.

The bank said in the press release that the changes to the PrivatBank's management board and the introduction of independent members will bring its management structure in line with the changes to Ukrainian law, in particular, the new law on banks and banking operation which obliges banks to ensure the election of independent members of the bank boards in the number of at least one fourth of the board by July 10, 2015.

PrivatBank was founded in 1992.

According to the bank, at the beginning of 2015 its largest shareholders were Hennadiy Boholiubov and Ihor Kolomoisky (36.98% each), as well as Triantal Investments Ltd (16.23%).

The bank was the largest bank among the 133 banks operating in the country on April 1, 2015 by total assets (UAH 248.041 billion), according to the National Bank of Ukraine.