Not So Private: Ukraine Nationalizes Failing Privatbank, Bitcoin Spikes



Ukraine’s biggest lender Privatbank may need to change its name after the government acquired 100% of its shares Monday.

PRIVATBANK FAILURE WOULD END IN ‘PANIC’

The newly nationalized bank had reportedly built up huge debts resulting from insider loans going unpaid, with sources saying its failure would cause “panic.”

“Other banks would not be getting their loans back from PrivatBank, a series of bankruptcies would begin, and there would be panic,” Oleksandr Savchenko, head of Kyiv’s International Institute of Business, had told local news publication Kyiv Post back in October.

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