Ukraine to nationalise its biggest lender, PrivatBank

[KIEV] Ukraine will on Monday nationalise PrivatBank, the country's biggest lender, a move undertaken in coordination with Ukraine's international lenders and with their support, the government said in a statement late on Sunday.

The finance ministry will take over the bank, which is partly owned by one of Ukraine's richest men, and the state will ensure its stable operation, the government said. Ukraine's president and prime minister are due to issue statements on Monday.

"The private shareholders of PrivatBank proposed to the government that it become the bank's owner in the interests of its clients," the government said in a statement. "The transition period begins on 19 December. The state will ensure a smooth transition and the stable functioning of the bank."

REUTERS