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At the beginning of May 2017, PJSC CB "PRIVATBANK" (PrivatBank, Bank) signed a contract with a consortium of international companies headed by Rothschild; Co about conducting negotiations on restructuring loans of the Bank’s former owners.

On April 13, 2017, the PrivatBank Supervisory Board selected a consortium of companies Rothschild; Co, Ernst; Young LLC and FINPOINT LLC as the winner of the tender to appoint an internationally recognized company to negotiate on restructuring, adding more collateral and restoring the value of problem loans, other loans and financial lease obligations given to the former beneficiaries of PrivatBank (or persons directly or indirectly related to them) in order to maximize the quality of this loan portfolio.

Taking into account the obligations of the Bank’s final beneficiaries (letter dated December 16, 2016) and 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 to nationalize PrivatBank. The state, as represented by the Ministry of Finance of Ukraine, became the owner of 100% of the Bank’s shares, and PrivatBank’s capital was increased by UAH 116.8 billion.

According to the Memorandum on Economic and Financial Policies between Ukraine and the IMF, one of the requirements for structural transformations is the obligation of the Government of Ukraine to appoint before the end of April 2017 an internationally recognized company that will negotiate restructuring, adding more collateral and restoring the value of problem loans given to the former final beneficiaries of PJSC CB "PRIVATBANK" and related persons, in order to minimize expenses of the state.

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