Late Sunday night, the government announced it will nationalize PrivatBank, Ukraine's largest bank with total end-September assets of UAH 272 bln (USD 10.5 bln) and a market share by assets of 21%.
The nationalization marks an important milestone in the NBU's efforts to clean up Ukraine's banking sector, and the IMF, EBRD, and notable G7 ambassadors have all expressed full support for the government's decision.
The government said the bank's shareholders requested the intervention and have agreed to cooperate for a smooth transition to state ownership. The nationalization process started late Sunday and is expected to be completed in 1-2 days; a temporary administrator is in place and will pass the entity on to new management in a few days...
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