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Ukraine's Privatbank suspends cash operations in crime prone regions.

Global Banking News-May 5, 2014--Ukraine's Privatbank suspends cash operations in crime prone regions

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Global Banking News - 05 May 2014

Privatbank, a Ukraine-based bank, has temporarily closed branches in separatist-held Donetsk and Luhansk, saying that it could no longer carry out cash transactions in crime-prone regions, according to a report by Reuters.

The move comes after rebels, who seek independence from Kiev, have set fire to a branch in the town of Mariupol in the Donetsk region late on Saturday and raided a security truck last week in Horlivka.

'In the current circumstances we cannot and do not have the right to make people go to work in the Donetsk and Luhansk regions, where armed people break into bank branches and seize security vans in the towns,' Privatbank said in a statement. 'Over the last 10 days, 38 ATMs, 24 branches of Privatbank and 11 cash collection vans have suffered arson, assault and wanton destruction in the cities of Donetsk and Luhansk,' it said, adding that the bank processes more than 400,000 pensions and other social benefits for 220,000 people in both regions.

The bank's clients could access their accounts via the Internet and mobile devices, use their cards in shops and make cashless transactions at self-service terminals, it said.

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Publication:Global Banking News (GBN)
Geographic Code:4EXUR
Date:May 5, 2014
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