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Nationalized PrivatBank's supervisory board on July 18 selected McKinsey&Company on a competitive basis to develop the bank's strategy, according to PrivatBank's press service.
McKinsey&Company is to develop a plan for business restructuring (market strategy) for PrivatBank, taking into account other state-owned banks on the market, the press service said in a statement.
"The goal is to develop a market strategy for optimizing PrivatBank's operations, which will simultaneously ensure maximum value for the shareholder and financial stability, as well as will test the bank and assess its ability to restore a strong sustainable business model. For this purpose, it is necessary to analyze and assess the 'landscape' and prospects of the banking sector, as well as pay special attention to other state-owned banks, except for PrivatBank," the statement said.
Read alsoUkraine's finance ministry injects almost $0.87 bln into PrivatBank additional capitalizationAs UNIAN reported earlier, on December 18, 2016, the Cabinet decided to nationalize Ukraine's No. 1 bank, Dnipro-based PrivatBank, being guided by the recommendations of the National Security and Defense Council.
To this end, it issued government bonds worth UAH 117 billion, or $4.5 billion, while the NBU purchased the bonds totaling UAH 25.8 billion, or $995 million, at the end of December 2016, and more bonds worth UAH 1.4 billion, or $54 million, in January this year. The Cabinet of Ministers in June decided to capitalize PrivatBank for another UAH 38.5 billion, or $1.5 billion.
UNIAN memo. McKinsey&Company is an international consulting company specializing in solving tasks related to strategic management. It cooperates with the world's largest companies, government agencies and NGOs.