Over the next three years, PrivatBank, Ukraine’s largest and most profitable bank, plans to cut its branches by 14%, to 1,250, and its staff by 28%, to 15,500

, reports the Finance Ministry, the overseer of the state-owned bank. The goal is to create a ‘good bank’ and a ‘bad bank.’ The ‘good bank,’ largely free of non performing loans from the Kolomoisky era would eventually be privatized. Roman Sulzhuk, a member of the Supervisory Board, writes on Facebook that the main focus of the bank will be to extend credit to small and medium sized businesses.

PrivatBank earned $435 million in net profit during the first half of this year, making it Ukraine’s most profitable bank

, reports the National Bank of Ukraine. The next most profitable banks were: Raiffeisen Bank – $86 million; Sberbank – $79 million; FUIB – $74 million; and Universal Bank – $60 million. H1 net profits for the  three other big state banks were: Ukreximbank – $41 million; Ukrgasbank – $27 million; and Oschadbank – $19 million. The most unprofitable bank was Pravex, which lost $3.4 million.