Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of PrivatBank, Oschadbank, Ukreximbank and Ukrgasbank at ‘B’, with positive outlooks, the rating agency said on its website. “At the same time, Fitch has upgraded PrivatBank’s Viability Rating (VR) to ‘b’ from ‘b-‘, affirmed the ‘b-‘ VRs of the other three state-owned banks and removed … Read more
The sixth administrative court of appeals has created a panel of judges for hearing a counterclaim of the National Bank of Ukraine (NBU), the Cabinet of Ministers of Ukraine and PrivatBank seeking to abolish the ruling of Kyiv’s district administrative court on the nationalization of PrivatBank, the NBU told reporters on Wednesday. According to the … Read more
PrivatBank (Kyiv) will start selling its property with discounts, as well as at Dutch auctions through the electronic trading platforms LOT.PB and OpenMarket (SETAM state enterprise), the press service of SETAM has reported. “In the near future, such auctions will be held on objects agreed by the board of the bank,” the report says. According … Read more
The Court of Appeal in England and Wales on July 22 started considering PrivatBank’s appeal against the decision of the first instance on the discrepancy of the jurisdiction of the bank’s claim against the ex-owners, a source familiar with the case has told Interfax-Ukraine. “The hearings will last about five days,” he said. The interlocutor … Read more
Fitch Ratings has affirmed Ukraine’s PJSC CB PrivatBank’s (PB) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘B-‘. The Outlooks are Stable. According to a press release of Fitch, simultaneously, Fitch has affirmed the bank’s ‘b-‘ Viability Rating (VR) and upgraded the National Long-Term Rating to ‘AA(ukr)’ from ‘AA-(ukr)’. “PB’s Long-Term IDRs are aligned … Read more
The nationalized PrivatBank could be ready for the privatization no earlier than 2022, Head of the supervisory board Engin Akcakoca has said. It would be premature to talk about the privatization of PrivatBank in 2020, as the approved strategy of the bank to implement this task is designed for the period until 2022. “The successful … Read more
One of the former owners of PrivatBank (Kyiv) – Ihor Kolomoisky – has been extremely outraged with statements of the National Bank of Ukraine (NBU) about systemic frauds in the financial institution before it was nationalized. “Delirium, which there is no point in commenting on,” he told TSN.ua news service on Tuesday. At the same … Read more
Kroll company has revealed the inconformity of an audit report of PricewaterhouseCoopers (audit) LLC (Kyiv, the Ukrainian structure of PwC) with real financial situation at PrivatBank, according to a presentation of the National Bank of Ukraine (NBU). “The secret structure in the bank carried out … numerous operations of bank fraud and fabrication of reports … Read more
PrivatBank, prior to its nationalization at the end of 2016, was the object of large scale and coordinated fraudulent actions, which led to losses of at least $5.5 billion, the National Bank of Ukraine (NBU) has said, with reference to Kroll hired for the forensic audit of the bank. “The results of an independent investigation … Read more
The share of state-owned banks of net assets of the Ukrainian banking system grew by 0.4 percentage points (p.p.) in July-September 2017 year-over-year, to 56%, according to a report posted on the National Bank of Ukraine (NBU). The pace is linked to the additional capitalization of PrivatBank (Kyiv). Early 2017 the share of state-owned banks … Read more