Once Ukraine’s biggest commercial bank, the National Bank of Ukraine (NBU) nationalised Privatbank in December 2016 and poured money into a huge hole left in the balance sheet after the former owners drained it of cash.
A new team was installed in the now state-owned owned bank that are tasked with repairing the damage and getting it ready for privatisation sometime in 2022-23. The irony is that Privatbank actually has a very solid retail banking business, but as Privatbank CFO Anna Samarina explains to bne IntelliNews editor-in-chief Ben Aris there were two banks: one that did traditional banking business and another that was a “fraud machine.”
Ben Aris, editor-in-chief, bne IntelliNews
Anna Samarina, CFO of Privatbank