The Ukrainian government acquired 100 percent of the shares of PrivatBank today, after the Cabinet of Ministers approved a request from the National Bank of Ukraine to place the country’s largest deposit holder under temporary administration, the Cabinet of Ministers said in a late Dec. 18 press release.
The bank’s controlling shares have been transferred to the state, starting a long and complicated nationalization process.
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It is time for Ukraine to restrict ownership of banks to 10% control of any individual or company, no one should have such control of key economic institutions! This situation demonstrates the folly of existing bank laws and the lower end of society always pays the bill for these wealthy people who abuse their power and position! and no Russian or Russian business or government should be allowed to own any percentage of any bank in Ukraine!