Page 57 - UKRRptJul20

8.1.4 ​Bank news
Ukraine’s banks have opened 89% of their branches, ​up from 75% one month ago. The National Bank of Ukraine reports on its Facebook page: “Banks, along with the whole country, are gradually returning to normal life.”
Moody’s has upgraded its credit assessments of six Ukrainian banks:
PrivatBank, Oschadbank, Ukreximbank, Raiffeisen Bank Aval, Sberbank and Pivdenny Bank. The move comes after Moody’s upgraded on June 15 Ukraine's sovereign rating to B3. “Given that most Ukrainian banks have substantial reserves of domestic government bonds, their BCAs are limited by the country's sovereign rating,” Moody’s writes.
The Kyiv Appellate Court ruled on June 10 to reject an appeal by Ukraine’s cabinet against a February 2017 ruling by a first-tier court that obliged Privatbank (PRBANK) to service the deposits of Cypriot companies related to the Surkis family​, Interfax-Ukraine reported the same day, citing a lawyer for the bank. The lawyer also promised to challenge the ruling in the Supreme Court. The deposits of the Surkis-related companies for about USD 257 mln (UAH 6.8 bln) were bailed-in before the bank’s nationalization in December 2016. Besides these deposits, the government bailed-in all Privatbank Eurobonds (USD 550 mln, or UAH 14.5 bln), the individual deposits of members of the Surkis family for UAH 1.1 bln, and the bank’s other obligations to allegedly related parties, all for a total amount of UAH 29.4 bln. So far, the Surkis family has won all the court battles for its deposits in Privatbank in the Ukrainian courts. Next week, Ukraine’s Supreme Court is scheduled to hear a case on the bail-in of Surkis family deposits for UAH 1.1 bln.
Ukraine's state-owned PrivatBank will channel 75%, or UAH24.457bn ($930mn), of the lender's 2019 profits to the national budget ​by June 20, according to the bank's statement in the information disclosure system of the
57​ UKRAINE Country Report​ July 2020 ​ ​www.intellinews.com