State becoming owner of 100% of shares of PrivatBank

09:46, 19.12.2016 1 min read

Ukraine's Cabinet of Ministers has decided that 100% of shares in PrivatBank would be transferred to ownership of the state.

"Ukraine's Cabinet of Ministers at a government meeting on Sunday discussed the provision for stability of the country's financial system. Taking into account the results of the meeting of the National Security and Defense Council of Ukraine, the government backed the proposal of the National Bank of Ukraine (NBU) and the financial stability council to transfer 100% of shares in PJSC PrivatBank to state ownership," the government reported on its website.

The owner of 100% of shares in Privatbank will be the state in the person of the Finance Ministry. The state will guarantee stable operation of the bank and safe keeping of the clients' funds.

"This is done in clear coordination with international financial institutions and with their support," the government said.