PrivatBank (Ukrainian: ПриватБанк) is the largest Ukrainian bank in terms of assets and the leader of Ukrainian retail banking market. It was registered on 19 March 1992. PrivatBank was one of the first to introduce modern digital banking and unique technological solutions in Ukraine, allowing customers to use most services remotely by means of Privat24. The initiator of the creation of the bank was Ukrainian businessman and politician Serhiy Tihipko who was also its first chairman of the board.
According to results of 2021, PrivatBank's liquid assets amounted to ₴296.4 billion. PrivatBank has the second-largest network of branches and the largest network of ATMs and terminals among Ukrainian banks. As of July 2022, more than 6,000 ATMs, 10,000 payment terminals and more than 200,000 POS terminals are operating in the network. The national banking service network of PrivatBank includes approximately 1,200 branches. PrivatBank is the largest issuer and acquirer of electronic payment means in Ukraine. The Bank owns PrivatMoney (money transfer system), Privat24 and LiqPay (most popular payment services in Ukraine).
PrivatBank was the first in Ukraine to connect Google Pay and Apple Pay payment services.
Until 2016, the Bank belonged to the Privat Group – a financial and industrial group belonging to Ukrainian oligarchs Ihor Kolomoiskyi and Gennadiy Bogolyubov. In December 2016, due to capital problems, a decision was made to pass PrivatBank into state ownership. Since then, the institution has been fully owned by the State.
PrivatBank is one of the systemically important banks in Ukraine.
History
PrivatBank is one of the first private commercial banks established in Ukraine. Decision on PrivatBank establishment was taken at the meeting of its founders on 7 February 1992.
On 19 March 1992, the Bank was registered by the State. Serhii Tihipko was one of the founders and the first Chairperson of the management board. At the very beginning, PrivatBank had only one office and a few computers. PrivatBank was the first in Ukraine to introduce plastic cards and ATMs.
In 1995, PrivatBank was given permission to be one of two banks privileged to allow anonymous hard currency accounts, by presidential decree.
In 1996 PrivatBank became a full member of Visa International (payment system) and commenced a large-scale issuance of plastic cards.
In 1997 PrivatBank became the first Ukrainian bank to obtain a Thomson BankWatch rating statement (an international rating agency) and became a full member of the Europay payment system.
In 1998 the Bank obtained Fitch IBCA rating statement (an international rating agency). In November 1998, the Bank won a tender and was selected as a servicing bank authorized to perform payments of the Swiss Holocaust Memorial Fund in Ukraine.
In 2000 the Bank joined the group of banks authorized to pay compensation to Ukrainian citizens who suffered from Nazi persecution during the Second World War. Also, in the same year, the organizational and legal form of PrivatBank changed: on 6 July, PrivatBank shareholders made a decision to reorganize the Bank from a limited liability company to a closed joint-stock company. The Charter of the Closed Joint-Stock Company Commercial Bank "PrivatBank" was registered on 4 September 2000.
The launch of the Privat24 project was a significant event in the Ukrainian banking system in 2001. Customers were able to manage their accounts online, make regular payments, transfer funds, etc.
In February 2002, PrivatBank issued its millionth plastic card.
In 2003, the Western Union system recognized PrivatBank as the best bank in terms of customer service quality. The Bank also obtained the STP Excellence Award from Deutsche Bank, which confirmed the professionalism of PrivatBank in international settlements.
According to the decision of the shareholders at the meeting on 30 April 2009, the Bank's activities were brought into line with the Law of Ukraine "On Joint-Stock Companies": corresponding changes were made to the Bank's Charter, and the type of the Bank was changed to a public joint-stock company. In addition, the name of the Bank was changed to Public Joint-Stock Company Commercial Bank "PrivatBank". These changes took effect on 21 July 2009.
In 2010, the Bank initiated the creation of the charity foundation which is called "Helping is easy!"
On 28 September 2015, the Standard&Poor's rating agency raised PrivatBank's long-term and short-term foreign currency ratings from SD to SS/C.