Austrian banker Gerhard Bösch has been appointed chairman of the management board of PrivatBank, Ukraine’s largest and most profitable bank

, the bank reports. For the last 15 years, Bösch has worked in high positions for Raiffeisen Bank Aval, the Ukrainian unit of the Austrian bank. As head of PrivatBank, Bösch is expected to prepare the bank for privatization and to fend off lawsuits by the former owners, Ihor Kolomoisky and Gennadiy Bogolyubov. The pair were believed to be behind a lawsuit that held up Bösch’s appointment for four months. Petr Krumphanzl, a Czech banker, stepped down as PrivatBank’s CEO on