Oleksandr Shlapak was named the head of the newly nationalized PrivatBank by the now ex-deputy chair of PrivatBank Oleh Horokhovskiy on Dec. 19.

Shlapak, who was Ukraine’s finance minister from February to December 2014 and economy minister from July 2001 to November 2002, now faces the task of managing the state takeover of Ukraine’s largest, and ailing, commercial bank.