PrivatBank to put 80,000 bad loans up for sale
State-owned PrivatBank is auctioning off claim rights to a credit portfolio of more than 80,000 consumer loans at reduced price through the OpenMarket platform (setam.net.ua).
"This portfolio includes more than 80,000 unsecured consumer loans granted to individuals, which were recognized as hopeless and written off at the expense of bank reserves,” the banks press service said.
“Loans of military and mobilized soldiers, according to the information available in PrivatBank, are excluded.”
Read also: Ex-PrivatBank executive takes on Ukrainian government in court battle over bank nationalization
Claims for the portfolio would include only the primary loan and interest accrued.
Financial institutions that have a valid license to provide loans and meet the bank's requirements will be allowed to participate in the auction, according to PrivatBank.
Applications for participation can be submitted until Feb. 2, the auction will take place on the 23rd of the same month.
PrivatBank ranked first in terms of assets (804.14 billion UAH) as of Nov. 1, 2023 among 63 banks operating in Ukraine, and second in terms of the number of branches (1,131), according to the National Bank of Ukraine (NBU).
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