The nationalized Ukrainian-based PrivatBank has hired a leading Ukrainian company that is Rothschild’s partner in Ukraine to find buyers of PrivatBank’s 46.5% stake in AS PrivatBank Latvia, the Ukrainian bank said in a statement.
PrivatBank’s supervisory council has given the green light to hiring, the bank said.
The partner will also have to prepare and accompany a future deal.
“Engaging such a financial company will facilitate talks with potential investors and help avoid a conflict of interests with other companies representing the interests of other bank owners,” PrivatBank notes.
It concerns the FinPoint company headed by Serhiy Budkin, which in 2009 entered strategic partnership with Rothschild to support each other’s activities on the Ukrainian market or when working with Ukrainian clients.
As reported, Latvian PrivatBank published its financial report in April 2016, saying that the share of Ukrainian PrivatBank in its capital after a securities issue worth EUR 6 million to bring the total sum to EUR86.35 million decreased to 46.54437% from 50.021% of charter capital. At that time, PrivatBank Latvia held 9th place among all Latvian banks in terms of capital and reserves. (Interfax-Ukraine/Business World Magazine)