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Financial Market News

NBU’s Comment on PrivatBank’s Victory at Court of Appeal in London
15 October, 14:32

NBU’s Comment on PrivatBank’s Victory at Court of Appeal in London

The NBU welcomes the ruling of the Court of Appeal in London that confirms that the English court has the jurisdiction to hear PrivatBank’s lawsuit filed against its former owners. The court ruling comes as good news for Ukraine’s taxpayers and economy.

The court’s decision allows for continuing the work to safeguard PrivatBank’s interests and reimburse its depositors for the funds that were illegally withdrawn from the bank before it was nationalized.

The NBU has always supported the claim PrivatBank has brought against its former owners to protect the interests of the people of Ukraine.  PrivatBank is an important part of Ukraine’s transparent and stable banking system. Since the nationalization, PrivatBank has fully adopted a market-driven business model that has increased the bank’s profitability and capability for innovation. PrivatBank should continue to focus on resolving the issues associated with bad debt and the recovery of misappropriated funds. These problems should not be faced by PrivatBank alone, but by the entire banking system, which should efficiently redistribute financial resources and support economic growth.

The NBU is convinced that the High Court of London will continue to hear the case fairly, impartially, and transparently.

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