The nationalized PrivatBank could be ready for the privatization no earlier than 2022, Head of the supervisory board Engin Akcakoca has said.

It would be premature to talk about the privatization of PrivatBank in 2020, as the approved strategy of the bank to implement this task is designed for the period until 2022.

"The successful privatization of PrivatBank is the goal of the recently approved 2022 Bank Development Strategy," he told Interfax-Ukraine.

Akcakoca said that comprehensive business model reform and the bank's renovation is a complex and diligent process.

"It is key to ensure that the bank is sustainably profitable therefore enabling it to navigate diverse market circumstances and minimize macroeconomic risks. In addition, the bank is becoming as transparent as possible as to provide potential investors with the instruments required to successfully operate a modern bank - including controls and compliance, risk management system, clear governance. And finally, the bank should resolve the issue of inherited non-performing loans," he said.

According to Akcakoca, the financial results of the first quarter have demonstrated that the goal set by PrivatBank's Development Strategy - to turn it into an investment-attractive asset - is realistic. In the first three months of 2018, PrivatBank earned UAH 3.7 billion, and became the most profitable bank in Ukraine - demonstrating the effectiveness our strategic approach.