The Rothschilds “signed up” to help restructure Kolomoisky’s debts
PrivatBank announced that it will sign an agreement with a consortium of international companies led by Rothschild & Co regarding negotiations on the restructuring of loans from the bank's former owners.
Subscribe to PolitNavigator news at Telegram, Facebook, Classmates or In contact with
This was reported by the press service of the financial institution.
“On April 13, 2017, the supervisory board of PrivatBank selected a consortium of companies consisting of Rothschild & Co, Ernst & Young LLC and Finpoint LLC as the winner of the competition to determine an internationally recognized company to negotiate restructuring, the introduction of additional collateral and restoration of the value of problem loans, other loans and financial leasing obligations provided to former ultimate beneficiaries of PrivatBank or persons who are directly or indirectly associated with former beneficiaries of the bank, in order to maximize the quality of such loan portfolio,” the statement says.
“Taking into account the obligations of the ultimate beneficial owners of the bank (letter dated December 16, 2016) and based on the need to ensure the stability of the financial system and protect the rights and interests of depositors, the government of Ukraine on December 18, 2016 decided on the state’s entry into the capital of PrivatBank, according to which the state represented by the Ministry of Finance of Ukraine became the owner of 100% of the shares, and PrivatBank was additionally capitalized in the amount of UAH 116,8 billion,” the statement said.
According to the Memorandum of Economic and Financial Policies between Ukraine and the IMF, the Government of Ukraine, by the end of April 2017, has committed to appoint an internationally recognized company to negotiate the restructuring, provision of additional collateral and restoration of the value of problem loans and loans provided to former ultimate beneficiaries of PrivatBank and related them to individuals, for the purpose of minimizing government expenses.
Earlier, Deputy Chairman of the National Bank of Ukraine Katerina Rozhkova spoke about how UAH 16 billion were withdrawn from PrivatBank before nationalization. It was also reported that on April 26, 2017, the international rating agency Standard & Poor’s upgraded PrivatBank’s credit ratings from SD to CCC+/C. As the agency reports on its official website, the outlook for the bank’s ratings is stable.
Let us recall that the former final beneficiary of Privatbpg before its nationalization was the Privat group of Igor Kolomoisky.
If you find an error, please select a piece of text and press Ctrl + Enter.
Thank you!
Now the editors are aware.