LONDON, May 14 (Reuters) – The Bank of England said on Friday that it had approved the bail in of $595 million of loans that a British-based financial company made to the major Ukrainian lender PrivatBank before it was nationalised in 2016.
The banks nationalisation has been subject to lengthy litigation in Ukraine, and the International Monetary Fund last year made successful resolution of the legal issues a condition for financial aid.
The loans to PrivatBank had been made by UK SPV Credit Finance plc, which the BoE said did not perform banking activities or have banking customers in Britain and instead had acted as a funding conduit for PrivatBank.
Under international rules, Ukraines central bank, the National B…
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