The state-owned PrivatBank (Kyiv) plans to sell its 46.54% stake in Latvian subsidiary PrivatBank, Board Chairman of PrivatBank Petr Krumphanzl has said.
“We intend to sell our stake in the Latvian bank. PrivatBank’s strategy does not imply international expansion. So far, we have not managed to find a buyer, because investors are interested in a controlling stake that we cannot offer them,” he said in an interview with Novoye Vremia publication.
According to him, with a 46.54% stake in the Latvian bank, PrivatBank is de facto a minority shareholder.
“Other shareholders are a group of private individuals, three Cypriot companies and a company from Belize, which, as a rule, act in a coordinated manner. In fact, we are blocked from management,” he said.
He added that now PrivatBank is not investing in the Latvian bank, but is looking for potential buyers.
In March 2019, PrivatBank ranked 13th among Latvian banks in terms of assets.
