KIEV – Ukraine’s President Petro Poroshenko is nationalizing the country’s largest retail bank in an effort to stabilize the country’s financial sector, a move that comes at a perilous time of heightened political disenchantment domestically and growing doubts about western support for Kiev.
In a statement late Sunday, the government announced it was taking over PrivatBank, controlled by Ukrainian billionaire Ihor Kolomoisky, in order to “save the banking system.†PrivatBank handles more than a third of individual bank deposits. It is the largest bank after two state-run institutions.
EU foreign policy chief Federica Mogherini, meeting in Brussels with Ukraine’s deputy prime minister …read more
Source: POLITICO – Europe Edition
