A woman uses an ATM at a PrivatBank branch in Kyiv on Oct. 23, 2019.

Photo by Kostyantyn Chernichkin

State-owned PrivatBank (Kyiv) was transferred from the management of the Finance Ministry of Ukraine to the Cabinet of Ministers on September 25, 2019, in line with Ukrainian legislation, the Finance Ministry has told Interfax-Ukraine.

“The Finance Ministry, in accordance with the requirements of the law on banks and banking activities, transferred the authority to manage securities of JSC PrivatBank, which are kept on securities accounts of the state, to the Cabinet of Ministers of Ukraine on September 25, 2019,” the ministry said in a response to the Interfax-Ukraine’s request.

According to law No. 2491-VIII dated July 5, 2018, on improving the functioning of the financial sector in Ukraine, the new version of Article 7 “State Banks” of the law on banks provides that the Cabinet of Ministers performs the functions of managing corporate rights of the state in a state-owned bank, the Finance Ministry said. The application of this article to PrivatBank was started on April 30, 2019.

Since Oschadbank and Ukreximbank (both Kyiv) were created as state-owned banks, their shares were constantly under the control of the Cabinet.

“JSC PrivatBank has become state-owned in the understanding of Article 7 of the law on banks on April 30, 2019,” the Finance Ministry said.

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