PrivatBank
Ukraine's largest bank by assets and a systemically important state-owned commercial bank since its 2016 nationalization.
Last updated November 3, 2026
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Overview
PrivatBank is a Ukrainian commercial bank headquartered in Dnipro. Established in 1992 during the formation of Ukraine's post-Soviet banking system, it developed into one of the country's most extensive financial institutions, serving retail customers, small businesses, corporate clients and public-sector users. The bank's activities include deposit-taking, payment services, card issuing and acquiring, lending, current accounts, foreign-exchange services, digital banking and other conventional commercial-banking functions. The institution is particularly associated with the scale of its domestic distribution network and the breadth of its digital services. It has operated a large branch and ATM network, together with extensive payment-terminal and point-of-sale infrastructure. PrivatBank is also one of Ukraine's leading issuers and acquirers of electronic payment instruments. Its Privat24 platform provides online and mobile banking functions, while LiqPay supports online payments and related merchant services. These services have made the bank a prominent part of everyday financial activity in Ukraine, including payments, transfers, bill settlement and card transactions. PrivatBank's ownership and governance changed fundamentally in December 2016. After the National Bank of Ukraine classified the institution as insolvent, the Deposit Guarantee Fund temporarily assumed control. During the restructuring process, certain liabilities were converted into bank capital through a bail-in mechanism, and the bank's shares were subsequently transferred to Ukraine's Ministry of Finance for a nominal price. The state then recapitalized the institution, becoming the owner of all of its shares. The nationalization followed concerns about the bank's financial condition and loan portfolio and marked one of the most consequential interventions in Ukraine's banking sector. Following nationalization, PrivatBank continued operating as a universal bank while undergoing governance, risk-management and balance-sheet reforms. The bank remains focused on mass-market retail banking but also provides services to businesses and larger corporate customers. It has retained a prominent role in Ukraine's electronic-payments ecosystem and has continued developing digital channels alongside its physical network. In early 2024, the National Bank of Ukraine confirmed PrivatBank as one of the country's systemically important banks. The institution has also remained one of the country's largest banks by assets and, according to publicly described network data, has maintained a substantial presence in branches, ATMs, payment terminals and merchant acquiring. As of 2024, the bank reported more than 19 million active customers. Its more recent reporting has also addressed corporate governance, risk management, social responsibility and sustainability-related activities, reflecting its status as a major state-owned financial institution rather than solely a consumer banking brand.
History
PrivatBank was created in Ukraine in 1992. The decision to establish the bank was taken by its founders on 7 February 1992, and the institution was formally formed on 19 March of that year. It emerged during the early development of Ukraine's independent banking system and subsequently built a broad commercial franchise serving individuals and businesses. Over time, PrivatBank became one of Ukraine's most visible financial institutions. Its growth combined conventional banking with a strong emphasis on electronic payments and remote service delivery. The bank developed a large domestic network of branches, ATMs, payment terminals and merchant point-of-sale terminals. It also became a leading issuer and acquirer of electronic payment instruments in Ukraine. Digital products such as Privat24 and LiqPay extended the brand beyond branch banking, supporting account access, transfers, bill payments, card management and online commerce. The bank's financial condition became the subject of decisive regulatory intervention in December 2016. On 18 December, the Deposit Guarantee Fund appointed a temporary administrator after the National Bank of Ukraine classified PrivatBank as insolvent. From 19 to 21 December, the Deposit Guarantee Fund dismissed the bank's management and supervisory board and assumed responsibility for its operations. As part of the restructuring, the fund recognized substantial impairment in customer loans and advances. Certain customer funds, issued Eurobonds and subordinated debt were converted into authorized capital through a bail-in process. On 21 December 2016, after the bail-in, the bank's shares were sold to the Ministry of Finance of Ukraine for one Ukrainian hryvnia. The government then increased the bank's authorized capital, including a major recapitalization in December 2016 and a further increase in June 2017. These actions established complete state ownership and transformed PrivatBank from a privately controlled commercial institution into a state-owned banking pillar. After nationalization, the bank continued to operate under the PrivatBank name while strengthening its governance, financial controls and risk-management framework. Its business remained centered on retail customers, payment cards, digital banking and small-business services, while corporate banking and merchant services continued to form important parts of the franchise. The institution's extensive network gave it a significant role in maintaining payments and access to banking services in Ukraine. By July 2022, publicly described network figures included approximately 1,200 branches, more than 7,000 ATMs, around 11,000 payment terminals and more than 250,000 point-of-sale terminals. The bank therefore combined physical reach with a large digital user base. In 2024, it had more than 19 million active customers and was confirmed by the National Bank of Ukraine as one of Ukraine's systemically important banks. Its annual and integrated reporting for 2022 through 2024 also discussed corporate governance, risk management, social responsibility, environmental initiatives and sustainable-development activities. PrivatBank's modern identity consequently rests on three linked characteristics: national scale, digital-payment capability and its strategic role as a state-owned institution in Ukraine's financial system.
- 2024
Systemically important bank status confirmed
[1]The National Bank of Ukraine confirms PrivatBank as one of Ukraine's systemically important banks.
- 2022
Large domestic service network documented
[1]Publicly described network data records approximately 1,200 branches, more than 7,000 ATMs and extensive payment-terminal infrastructure.
- 2017
Further state recapitalization
[1]Ukraine's Ministry of Finance increases PrivatBank's authorized capital again as part of the post-nationalization restructuring.
- 2016
Temporary administration begins
[1]The Deposit Guarantee Fund appoints a temporary administrator after the National Bank of Ukraine classifies PrivatBank as insolvent.
- 2016
PrivatBank becomes state-owned
[1]Following a bail-in and restructuring, the bank's shares are transferred to Ukraine's Ministry of Finance, giving the state full ownership.
- 1992
PrivatBank is established
[1]The bank's founders decide to establish the institution on 7 February, and PrivatBank is formally formed on 19 March in Ukraine.
Products and positioning
Mass-market retail and corporate banking with a large domestic payments network and strong digital-banking presence.
Digital banking
Privat24
Privat24 is PrivatBank's principal digital-banking service. It gives customers remote access to banking functions such as account administration, transfers, payments and card-related services. The platform is central to the bank's strategy of combining a mass-market customer base with self-service digital channels, reducing dependence on branch visits while supporting everyday personal and business transactions.
Electronic payments
LiqPay
LiqPay is a payment service operated within PrivatBank's broader electronic-payments offering. It supports online payment activity and merchant transactions, complementing the bank's card issuing, acquiring and point-of-sale infrastructure. The service helps extend PrivatBank's role from deposit and lending provider into online commerce and payment processing.
Cards and payments
Payment cards and acquiring
PrivatBank issues electronic payment instruments and provides acquiring services for merchants. Its card and payment proposition is supported by a large ATM, payment-terminal and point-of-sale network, making card acceptance and everyday electronic transactions central to the brand's domestic presence.
Retail banking · 1992
Retail banking
The bank's retail offering covers deposit and current accounts, payment cards, transfers, consumer credit and other everyday financial services. Retail banking is a core part of PrivatBank's mass-market positioning and is delivered through branches, ATMs, terminals and digital channels.
Corporate banking · 1992
Corporate and business banking
PrivatBank serves companies and entrepreneurs through business accounts, payments, lending, acquiring and related financial services. This corporate and small-business activity complements its large retail franchise and gives the bank a universal-bank profile within Ukraine.
Controversies
2021
Latvian regulator fines PrivatBank for money-laundering control violations
In a decision dated 23 November 2021, Latvia's Finance and Capital Market Commission fined AS PrivatBank EUR 768,653 for violations of laws concerning money laundering and terrorism and proliferation financing. The regulator also required the bank to address problems with its internal controls. The decision was reported by BNN News.
2019
PrivatBank sues Discount Bank over alleged $600 million fraud
PrivatBank filed a lawsuit naming Discount Bank as a defendant and accusing it of aiding an alleged scheme involving at least $600 million. The allegations are claims in the lawsuit, not findings of fact.
Brand decisions
2024
Continued emphasis on digital and payment infrastructureStrategyBackground
PrivatBank remained one of Ukraine's largest financial institutions, with a substantial customer base and extensive physical and electronic-payment networks.
Action taken
The bank continued operating and developing Privat24, LiqPay, card services, acquiring and its branch, ATM and terminal infrastructure.
Aftermath
Digital banking and electronic payments remained central to the bank's customer proposition and national operating role.
2016
Nationalization and restructuringStrategyBackground
The National Bank of Ukraine classified PrivatBank as insolvent, and the Deposit Guarantee Fund took temporary control under Ukraine's deposit-guarantee legislation.
Action taken
The bank underwent a bail-in, its prior management and supervisory board were dismissed, and its shares were transferred to the Ministry of Finance of Ukraine for one hryvnia. The government subsequently recapitalized the institution.
Aftermath
PrivatBank became wholly state-owned and continued operating as a major universal bank under government ownership.
Recent events
- Unconfirmed
Latvian regulator fines PrivatBank for money-laundering control violations[3]
Reported:
Latvia’s Finance and Capital Market Commission decided to fine AS PrivatBank EUR 768,653 for violations of laws concerning money laundering and terrorism and proliferation financing. The bank was also required to address problems with its internal controls.
- Unconfirmed
Court of Appeals rejects PrivatBank appeal in Surkis companies deposit case[5]
Reported:
Kyiv's Court of Appeals rejected PrivatBank's appeal against a ruling ordering the bank to pay more than US$250 million to companies associated with the Surkis brothers.
PrivatBank sues Discount Bank over alleged $600 million fraud[4]
Reported:
PrivatBank filed a lawsuit naming Discount Bank as a defendant and accusing it of aiding an alleged scheme involving at least $600 million. The allegations are claims in the lawsuit, not findings of fact.
Sources5 sources
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