Minister of Finance Oleksandr Danyliuk announced on Facebook, Censor.NET reports.
"Yesterday, the new supervisory board of Privatbank met for the first time to elect its chairman. The best corporate governance is being introduced in Ukraine's largest bank. It can't be overstated. Should Privatbank had had this supervisory board prior to the nationalization, many of its problems would not have arisen. Previously, three of the bank's board members included two owners of the bank and the entire Privat group, a major recipient of loans. No wonder that when a supervisory board lacks independent members and consists of the bank's stakeholders, it will act in the interests of the owners, not the depositors," he wrote.
Danyliuk said the new supervisory board of nationalized Privatbank includes the world's best professionals, with foreigners and representatives of international financial organizations being its major part.
"Most importantly is that the new supervisory board is truly independent now," the minister said, adding the board will make decisions not in the interests of individuals or businesses but the public and in accordance with the law.
"I am sure that Engin Akçakoca, elected today chairman of the board, will cope with the new responsibilities. Engin is a legendary banker who once helped Turkey overcome the financial crisis and will now help rebuild the largest bank in the country," Danyliuk added.
Engin Akçakoca is said to be one of the most well-known Turkish financiers.