PrivatBank carries out recapitalization program due to restructuring of $220 mln notes
Ukraine’s largest bank PrivatBank (Dnipropetrovsk) has increased its regulatory capital by $220 million and fulfilled its recapitalization program following the completion of the transaction on extending the subordinated debt on international markets, according to a press release.
"The completion of the transaction allowed PrivatBank to increase capitalization and capital adequacy to 11.87% at the minimum level established by the National Bank, being 10%," the bank said.
Head of the National Bank of Ukraine (NBU) Valeriya Gontareva said that the bank has now fulfilled the whole recapitalization program agreed with the NBU.
"Moreover, I can say that the bank had to inject UAH 8.2 billion following stress testing and the bank complied with this program," she said.
As reported, the holders of PrivatBank's loan participation notes (LPN) worth $150 million and a bank shareholder, who bought the additionally issued notes for $70 million, at a joint meeting on November 11 approved the restructuring of securities.
