Dear Sirs,

Owing to the fact that Fitch Ratings downgraded its rating of the Ukrainian PJSC Privatbank – SWIFT CODE: PBANUA2X to RD (Restricted Default), which entails high risk of payment default as the bank is incapable of meeting its obligations in a timely manner, mBank S.A. identifies very high financial risk related to the execution of foreign payments to beneficiaries holding accounts with PJSC Privatbank.

Under the current circumstances, such foreign payments may be:
- delayed by both intermediary banks and a beneficiary's bank,
- returned by intermediary banks or a beneficiary's bank
- even result in loss of transferred funds.
You are requested to remain cautious about making payments to beneficiaries holding accounts with that bank.


Best regards,

Transactional Banking Department