Ukraine's government nationalizes one of country's largest banks

Ukraine's government nationalizes one of country's largest banks

The government of Ukraine took over PrivatBank Sunday, an idea proposed by the bank as it has tried to get itself back on the right path, moving to recapitalize the institution and protect depositors while it is rehabilitated. The bank controls one third of Ukraine's deposits and also has branches in Baltic countries.

The bank belonged to Igor Kolomoyskiy - a politically powerful billionaire who became an early target of Ukrainian President Petro Poroshenko's uphill fight against corruption, and Gennady Bogolyubov. PrivatBank's bonds have fallen by nearly 50 percent since the reports surfaced in November.

The fate of Privatbank has loomed large over central bank efforts to stabilize the financial industry following a recession brought on by revolution and a separatist conflict.

But that money never emerged and Kiev's patience snapped yesterday.

"This was insider lending - in other words, money was withdrawn by its owners from the bank", said Fursa.

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"These actions are taking place in strict co-ordination with worldwide financial institutions and with their support", goverment officials said, adding that its actions would "save PrivatBank and the entire bank sector".

PrivatBank itself called the government's decision a effect of "media attacks" led by political insiders who opposed Kolomoyskiy.

The bank said the nationalization was a outcome of "media attacks" by political insiders who opposed Kolomoyskiy.

"The bank will continue working, just as it did before", said Gorokhovskiy.