PrivatBank to be sold in 2021

PrivatBank to be sold in 2021

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PrivatBank to be sold in 2021

  • The head of the supervisory board of the bank made a report on the final development strategy of PrivatBank awaiting approval from the MinFin

Domestic major Privatbank will be sold in three years, told Engin Akchakocha head of the supervisory board of PrivatBank.

Management consulting McKinsey has already prepared a strategy for the development of the recently nationalized PrivatBank. However, the document still awaits approval from the Ministry of Finance.

The strategy was developed by McKinsey for 2018 and until the privatization of the bank in 2021.

Privatization is a final stage of this strategy. It will take place only when the market is ready and the bank will make demand for itself.

Earlier, the National Bank of Ukraine (NBU) reported on violations in the course of the investigation carried by Kroll company against former owners and ex-management of PrivatBank. The issues concerned financing the businesses of shareholders and the related individuals, money laundering, lending under hard collaterals, as well as false accounting.

To remind, on January 10 this year the NBU allocated UAH 2.3 billion refinancing facility for PrivatBank.

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