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.
There was no obvious sign of panic after the nationalization in the capital, Kiev, or of lengthy queues outside branches of Privatbank, which dominates Ukraine’s retail banking sector.
Many had been accused of involvement in money-laundering or related-party funding schemes, whereby people connected to the bank’s management siphon off money via loans. …read more
Source: San Francisco Chronicle
