The return of PrivatBank to its former owners due to the court ruling that declares nationalization of PrivatBank illegal is impossible, NBU First Deputy Governor Kateryna Rozhkova said at a press briefing regarding appeal against the court decision to nationalize PrivatBank, the NBU’s press service reported.
“PrivatBank’s nationalization was an important step towards ensuring financial stability. The decision to implement the government-assisted resolution of the insolvent PrivatBank was made in accordance with applicable law and supported by the National Security and Defense Council of Ukraine and the government of Ukraine with the aim to deliver financial stability and to safeguard the funds of the public. The legality of this decision is obvious, and there are no legal or economic grounds to reverse it,” she said.
Rozhkova added that after the insolvent bank was resolved in a government-assisted procedure, the bank migrated fully to a market-driven business model and was now Ukraine’s most profitable bank and a part of the stable and transparent banking system. (Ukrinform/Business World Magazine)