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Bank of England recognizes Privatbank bail-in by national Bank of Ukraine

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The Bank of England, the central bank of the United Kingdom, has today (14 May) signalled its decision to recognize the decision of the National Bank of Ukraine (NBU) to “bail-in" Privatbank – a process which took place at the time of its nationalization.

Privatbank, which was nationalized by the NBU in December 2016, is largest commercial bank in Ukraine, in terms of the number of clients, assets value, loan portfolio and taxes paid to the national budget. It was nationalized following serious allegations of widespread fraud and maladministration.

The Bank of England's decision relates specifically to the bail-in of four loans made by UK SPV Credit Finance plc (UK SPV) to PrivatBank. UK SPV is a funding conduit of PrivatBank, incorporated in the UK.

Kyrylo Shevchenko, governor of the National Bank of Ukraine (NBU), said: “The nationalisation of Privatbank was carried out under a robust legal process that is fully in line with the laws of Ukraine and international standards.

“In the months ahead, my team and I will continue to work for greater accountability and transparency in Ukraine’s financial services sector.”

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