PrivatBank resumes preparations for privatization

6 October 2022, 06:32 PM
PrivatBank is once again preparing for privatization (Photo:PrivatBank via Facebook)

PrivatBank is once again preparing for privatization (Photo:PrivatBank via Facebook)

The state-owned Privatbank, one of the largest in the country, is once again being prepared for privatization, Privatbank board chairman Gerhard Boesch, stated during an online conference hosted by Forbes on Oct. 6. Prior preparations were halted due to the outbreak of full-scale war on Feb. 24.

PrivatBank was nationalized in December 2016, following the discovering of a $5.5 billion hole in the bank’s accounts – allegedly the result of a fraud perpetrated by former owners Ihor Kolomoisky and Gennadiy Bogolyubov. The state was forced to recapitalize the bank to the tune of UAH 155 billion ($4 billion).

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According to Boesch, until Feb. 24, the bank was preparing for privatization and had many ongoing projects for its successful completion in 2024.

These projects have now been resumed, with the bank revitalizing initiatives to increase efficiency and customer satisfaction, improve their customer experience, and continue to improve its positive reputation in the market, Boesch stated.

Boesch expects Privatbank to continue growing, while expanding lending to clients, he said.

Earlier, Boesch stated that PrivatBank could be sold in 2024 "for a very large amount."

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