PrivatBank (Latvia)

AS PrivatBank is a credit institution registered in the Republic of Latvia as joint stock company and received its banking license on 31 July 1992.[1][2]

Prior to 16 August 2007, the bank was known as AS Banka Paritāte.[3]

It had one branch in Italy and 13 branches in Latvia including branches at Riga, Valmiera, Ventspils, Daugavpils, Liepaja, Rezekne, Ludza, Cesis, Valka and Jekabpils.[3][4]

The largest shareholder of AS PrivatBank is JSC CB PrivatBank (Ukraine) with a 46% stake, which the founders of PrivatBank, Ihor Kolomoyskyi and Gennadiy Bogolyubov held a 49.154% stake and a 49.027% stake, respectively in JSC CB PrivatBank (Ukraine) which, in 2016, was the largest bank in Ukraine holding 20% of the market.[4][5] With a 9.23% stake in AS PrivatBank, Igor Mazepa through his Concorde Bermuda Ltd..[6] The Cypriot Andreas Sofocleous is an individual investor in AS PrivatBank with a large stake.[6]

In June 2016, AS PrivatBank was the 11th largest bank in Latvia.[7]

On 9 August 2016, the Bank of Italy closed down the Italian branch of the bank due to irregularities with the money-laundering regulations.[4]

On 30 December 2016, the shareholders of AS PrivatBank were JSC CB PrivatBank (Ukraine) with a 46.54% stake, UNIMAIN HOLDINGS LIMITED (Cyprus) 5.29% stake, WADLESS HOLDINGS LIMITED (Cyprus) 5.67% stake, Concorde Bermuda Limited (Bermuda) 9.23%, Chastely Investments Limited (Cyprus) 2.71%, Danig Limited (Bermuda) 3.47%, and individual investors 27.09% stake.[8]

On 15 December 2016, PrivatBank in Ukraine was nationalized, however, AS PrivatBank was not nationalized but the government of Ukraine held a 46.54% stake in AS PrivatBank.[6][7]

After the 18 April 2019 Ukrainian court ruling that PrivatBank was illegally nationalized, Kolomoyski stated that he did not want to control PrivatBank but demands $2 billion that he lost because of the nationalization.[9][10][11]

References
  1. "PrivatBank". ecbs.org. 30 December 2016. Archived from the original on 30 December 2016. Retrieved 23 January 2021.
  2. "Annual Report and Consolidated Annual Report for year 2016" (PDF). AS PrivatBank website. August 2016. Archived from the original (PDF) on 13 August 2019. Retrieved 23 January 2021.
  3. "AS "PrivatBank" to Boost Development of SMEs in Latvia". GlobeNewswire. 23 August 2007. Archived from the original on 24 January 2021. Retrieved 23 January 2021.
  4. "Bank of Italy to close AS PrivatBank branch over money-laundering breaches". Reuters. 9 August 2016. Retrieved 23 January 2021.
  5. "«ПРИВАТБАНК» Про банк » Правління та корпоративна структура » Структура власності" ["PrivatBank" About the bank » Board and corporate structure » Ownership structure]. PrivatBank website (in Ukrainian). 11 November 2014. Archived from the original on 11 November 2014. Retrieved 23 January 2021.
  6. "ПРИВАТная пирамида Игоря Мазепы" [PRIVAT pyramid of Igor Mazepa]. Капітал (Capital) (in Russian). 20 December 2017. Archived from the original on 22 December 2017. Retrieved 22 January 2021.
  7. "Ukrainas valdība nacionalizējusi «PrivatBank»" [Ukrainian government has nationalized «PrivatBank»]. LSM.LV (in Latvian). Reuters. 19 December 2016. Archived from the original on 23 December 2017. Retrieved 23 January 2021.
  8. "Отчётность финансовой деятельности за III квартал 2016 года" [Financial Statements for the Third Quarter 2016] (PDF). AS PrivatBank website (in Russian). 31 December 2016. Archived from the original (PDF) on 26 January 2017. Retrieved 23 January 2021.
  9. Ivanova, Polina; Polityuk, Pavel (18 April 2019). "Ukraine tycoon crows 'I won' after PrivatBank nationalization ruled..." Reuters. Retrieved 23 January 2021.
  10. Reuters staff (18 April 2019). "Ukraine court says PrivatBank nationalisation violated the law". Reuters. Retrieved 23 January 2021.
  11. Seddon, Max; Olearchyk, Roman; Hall, Ben (17 July 2019). "The Bank that holds the key to Ukraine's future: A bank once owned by oligarch Igor Kolomoisky is set to be a defining issue for the new president". Financial Times. Archived from the original on 17 July 2019. Retrieved 23 January 2021.
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