Vladimir Krotyuk

Volodymyr Krotyuk, the receiver of Prominvestbank and also a Ukrainian central bank deputy chairman, at a press conference in Kiev, December 16, 2008. Krotyuk said the sum needed to recapitalise the bank would be announced soon and submitted to the government, the International Finance Corporation and the European Bank for Reconstruction and Development (EBRD). 'Shareholders of Prominvestbank have announced the signing of a memorandum with Vneshekonombank (VEB) on a programme of reviving Prominvest,' Krotyuk said. On December 11 the central bank took a decision on capitalisation of the bank, with the participation of the government. An Austrian holding company controlled by two Ukrainian brothers and members of parliament had initially struck a deal to take over the bank, but failed to make payment in time. Prominvest was put in receivership after a run on its deposits following rumours of a murky takeover. Authorities have stressed this was not linked to the global financial crisis which has felled banks in the United States and Europe. The government has said Prominvest, which traditionally finances Ukraine's heavy industry, should be nationalised should the buyers fail to complete the transaction. Photo by UNIAN