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Ukraine's Privatbank denies nationalization rumors

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Ukraine's Privatbank denies nationalization rumors

Ukraine's largest lender, PAO KB Privatbank, said Dec. 14 that rumors about its potential nationalization constitute "an informational attack" targeting its clients and an attempt to destabilize the political situation in the country.

Ukrainian media outlets have reported on the potential takeover of the bank by the state several times in the past. The bank also said its clients have been receiving phone calls and text messages about its financial situation and alleged nationalization. The lender added that it has been implementing a recapitalization program spanning until 2018 in line with a schedule agreed with the National Bank of Ukraine and that it meets all regulatory requirements.

Privatbank's management board deputy head, Oleg Gorokhovskiy, said the information attack is aimed at spreading panic among deposit holders to trigger the subsequent default and collapse of the bank, Interfax Ukraine reported Dec. 14. He also noted that Privatbank knows the identity of those who ordered and who have been executing the attack.

The newswire also cited a source at the Ukrainian central bank as saying no decision has been taken regarding the lender and that all local banks will need to comply with their recapitalization plans by the end of 2016.