Two years ago, PrivatBank faced ruin and was only saved after the state stepped in to rescue the savings of over 20 million depositors. Today, PrivatBank is one of the best examples showcasing successful implementation of Ukraine's public sector reforms.
Among PrivatBank’s most notable achievements is not just its recovery to become the most profitable bank in Ukraine. It has preserved and developed its innovative potential, introduced international financial reporting standards and introduced more effective risk management systems. The management and the staff of the bank have done a fantastic job in turning the institution around in just two years.
The independent supervisory board at the bank was set up to protect the interests of its shareholders and depositors. In the case of PrivatBank, both the former and the latter are the people of Ukraine.
One of the supervisory board’s top priorities is to protect those interests, including the recovery of 160 billion UAH, which the war-torn country facing economic collapse has invested into the bank’s capital.
The strategy for implementing this task is two-fold. First, to maximize the market value of the bank and sell it to an appropriate investor by 2022. The acquisition of the bank by a private investor is the only possible legal way to change the owner of PrivatBank. Secondly, and of equal importance is the return of the money funneled from the bank unlawfully by its former owners.
For more than two years, the bank has been fighting its former shareholders in the Ukrainian and international courts, pursuing damages and compensation for losses running to billions of US Dollars. The scale of the battle is truly epic. There are currently more than 1,000 court proceedings in Ukraine and abroad. This is a long and complex process, which is closely monitored by the international community and the civil society in Ukraine.
As the head of the independent supervisory board, I can confidently declare that, regardless of who wins the presidential race, the bank will not stop in its pursuit of justice. We consistently and persistently defend our positions in the courts. We do not turn a blind eye, we do not let important issues slide, and we do not tolerate underhand dealings. And it was precisely to mitigate such risks that the overhaul of corporate governance was implemented in the first place.