You're reading: Financial Times: Ukraine officials urge calm after bailout of its biggest bank

As Ukrainian children early on Dec. 19 unwrapped presents received overnight on St. Nicholas Day – a tradition popular in eastern Europe which laid the foundation for Santa Claus – parents awoke to news that the nation’s largest commercial lender, PrivatBank, had been nationalised.

There were no immediate signs that the state’s late Dec. 18 night bailout to become a 100 per cent shareholder – replacing two influential oligarchs – had triggered a massive run on deposits at a systemically important bank considered too big to fail. It accounts for more than a third of private deposits and 20 per cent of bank sector assets.

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