The Individuals’ Deposit Insurance Fund and the Ministry of Finance of Ukraine signed the agreement on sale of 100% shares of PrivatBank, IDIF press-office reports.
“After the transfer of shares, the Ministry of Finance of Ukraine becomes the owner of 100% shares of the bank. Such result is the consequence of coordinated actions of the Ministry of Finance of Ukraine, the National Bank of Ukraine, the Individuals’ Deposit Insurance Fund, the National Securities and Stock Market Commission of Ukraine, the National Depository, Ukrgasbank, Ukreximbank”, - according to the press-release.
All necessary procedures were conducted within 72 hours: the provisions for active transactions have been made, the additional shares have been issued and placed, the amendments have been introduced in bank charter, the transitional balance has been formed, and all necessary procedures for sale of shares and change of bank owners have been conducted.
“As the capital of PrivatBank had negative value, the Insurance Fund, according to the Law of Ukraine On System of Insurance of Deposits of Individuals, sold shares of this bank to the Ministry of Finance in full for 1 hryvnia”, according to the message.
As reported, on December 18, the Cabinet of Ministers and the National Security and Defense Council of Ukraine endorsed the nationalization of PrivatBank.
