Ukraine's leader stands firm on bank's nationalization

Ukrainian President Volodymyr Zelenskiy has vowed to keep a bank formerly owned by a powerful tycoon in government hands

KYIV, Ukraine -- Ukraine's president has vowed to keep a bank formerly owned by a powerful tycoon in government hands.

Volodymyr Zelenskiy told an investment conference Tuesday that he would not approve any motion to scrap the 2016 nationalization of PrivatBank, which was owned by billionaire Ihor Kolomoyskyi. The Ukrainian president didn't mention PrivatBank by name but said rumors that he's going to "give back a bank" to its owner are "not true."

Zelenskiy's stance on PrivatBank has been viewed as a litmus test for his administration's commitment to reforms.