Anonymous ID: b93047 March 10, 2023, 4:06 p.m. No.18482236   🗄️.is đź”—kun

A little more on PrivatBank…

 

Privatbank launched its Cyprus operation in the late 1990s. No other Ukrainian lender is known ever to have received permission from the National Bank of Ukraine to open an overseas branch.

 

The head of the National Bank of Ukraine, Yakiv Smolii, said PrivatBank’s Cyprus office didn’t materially differ from the lender’s branches in Ukrainian cities such as Kharkiv or Lutsk, so cash being funnelled there didn’t trigger any regulatory action. Ukrainian officials did nothing to stop the money from leaving the country. (Smolii spoke to OCCRP in his capacity as co-author of the book “Private Story: The Rise and Fall of Ukraine’s Largest Private Bank.”)