FCMC allows Industra Bank to take over most of PrivatBank's assets and liabilities
The Financial and Capital Markets Commission has authorised Industra Bank to take over PrivatBank's customer services and most of its assets and liabilities. The transition will be implemented on 20 August 2022.
In the coming days, we will personally inform each customer about the practical progress of the transfer of customer information and contracts via mail, online banking, email and SMS. Up-to-date information on the transition is also available on both banks' websites.
As we informed earlier, as a result of the transaction, Industra Bank will take over PrivatBank's client relationships, including retail and corporate account management, loan and leasing portfolios, deposits, as well as securities and real estate owned by the bank.
Raivis Kakānis, Chairman of the Board of Industra Bank, points out: "Since the signing of the agreement, we have been working together with PrivatBank on a detailed plan for thoughtful transfer and integration of customer information into Industra Bank's systems in order to be able to take over the servicing of these customers as soon as possible after receiving the FCMC's permission. To meet our ambition for growth, we have made significant improvements to modernize our services, including the development of online banking, so that we have a wide range of financial services, the necessary infrastructure and a professional team to provide quality service to these customers."
Una Jansone, Member of the Board of PrivatBank: "We are pleased with the FCMC's decision and with the fact that our customer service is being taken over by a bank that is constantly modernizing its services. This will give our customers more options in managing their finances. We continue to work with Industra Bank to ensure a successful transition for our customers and to ensure that all possible processes are in place to ensure that customers are not inconvenienced by this change."
As part of the transaction, Industra Bank will take over from PrivatBank all dealings with approximately 5,800 customers, of which 300 are legal entities and 5,500 are private individuals. The volume of loans to be moved over in the transaction amounts to around EUR 23 million, while the volume of deposits exceeds EUR 57 million.