Ukraine is nationalizing its largest bank following concerns over its stability.
The cabinet agreed late Sunday to move PrivatBank into full state ownership, saying the move was carried out “in close coordination with international financial organizations” and with the consent of PrivatBank’s owners – an apparent reference to the oligarchs Ihor Kolomoisky and Hennady Boholyubov, who together control over 90 percent of the bank.
Ukrainian President Petro Poroshenko said in a statement Monday that the decision “saved both the bank and the banking system” in Ukraine because PrivatBank lacked capital and had been hit hard by the conflict in eastern …read more
Source: Voice of America
