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Privatbank guarantees safety of deposits

"The coach will not turn into a pumpkin with chimes."

Privatbank guarantees safety of deposits
Photo: Photo: privatblog.com.ua

Privatbank's deputy CEO Oleh Horokhovskyy assures that the banks customers will not lose their investments after the nationalization .

"Your money on current, deposit and card accounts of legal entities and individuals, investments in Profitable Investment Service facility will be safe. That was the key condition at the negotiations regarding the change of ownership. The Bank will continue to work in standard mode," he wrote on Facebook on 19 December.

"The bank today is a unique retail machine with an incredible potential, which works like a clock and is capable of handling small transactions, millions of operations at a very low operational cost. Our main asset is our employees in the offices and the head office," the banker said.

Horokhovskyy acknowledged that the bank needed a capital increase and improvement of loan portfolio. He said the bank had a plan to ament the situation until 2018, but was unable to withstand the information attacks.

"We have gone through seven information attacks. Each attack led to an outflow of funds of individuals and corporate clients. Each of these attacks would have been fatal to any other bank. The most powerful was the last attack. Every day we set new records on the size of funds issued to alarmed customers. In the last days, our ATMs and branches issued over 2bn hryvnia a day, well over the previous records of barely 1.5nn in the most peak days," he said.

When the bank realized it will not survive the situation, it was decided to ask for nationalization, he concluded.