The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

CEE's best bank transformation 2020: PrivatBank

Awards for Excellence 2020

Few banks have undergone as great a transformation over the last four years as PrivatBank. In December 2016, when it was taken over by the state, Ukraine’s biggest bank held more than a third of the country’s retail deposits and boasted 20 million customers.

The bank’s loan book, however, consisted almost entirely of credits to companies linked to its former owners, Ihor Kolomoisky and Gennadiy Bogolyubov, all of which defaulted after the forced nationalization.

The first challenge for the new shareholders was to ensure the stability of the bank. As well as its huge deposit base, PrivatBank was the Ukrainian market leader in credit cards and processed three quarters of the country’s payments thanks to its technological sophistication.

In 2017, an interim management team succeeded in preventing a run on deposits and keeping the bank’s systems running, despite the departure of more than 600 of the bank’s IT staff.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree