You're reading: National Bank of Ukraine approves change of structure for PrivatBank Group

The National Bank of Ukraine (NBU) on Feb. 17, 2017 approved the change of the structure of PrivatBank Group (Dnipro), the central bank has reported on its website.

The amendments were made due to the nationalization of PrivatBank and the removal and inclusion of some structures from and to the group.

According to the NBU, as of Dec. 16, 2016, the group incorporated PrivatBank commercial bank, AS PrivatBank, SIA PrivatLizings, SIA PrivatConsulting, SIA Privat Investment, SIA Amber Real (all based in Latvia), PrJSC Kobos, Ukrainian Bureau of Credit Histories LLC (both based in Kyiv), Estategarant LLC, LT Group LLC, A-Lex law firm LLC, Privatoffice LLC (all based in Dnipro), UK SPV Credit Finance Plc and Ukraine Mortgage Loan Finance NO.1 Plc (both based in UK).

The central bank recalled that the PrivatBank banking group was declared approved on March 15, 2013.

As reported, Ukraine’s Cabinet of Ministers under a proposal of the NBU and shareholders in PrivatBank on Dec. 18, 2016, decided to nationalize the bank. the Ukrainian government instructed the Finance Ministry to issue government domestic loan bonds worth Hr 116.8 billion for a period of up to 15 years and at an interest rate that should not exceed 10.5 percent per annum. The bonds should later be included on behalf of the government as payment for shares of an additional issue by PrivatBank.