Ukraine took over its largest bank yesterday in a move backed by Kiev’s international donors to protect the country’s financial system and accompanied by an appeal from President Petro Poroshenko for calm and assurances to depositors.
In one of the biggest shake-ups of the war-torn country’s banking system since Ukraine plunged into economic and political turmoil more than two years ago, the central bank said PrivatBank had not fulfilled its recapitalisation programme.
Risky lending practices had left a capital shortfall of around $5.65bn on PrivatBank’s balance sheet as of December 1, while 97 % of its corporate loans had gone to companies …read more
Source: Gulf times
