Ukraine has nationalised the country's largest bank in an attempt to avert a financial meltdown in the war-scarred former Soviet state. The government moved to take over PrivatBank after months of rumors that the lender was heavily burdened by bad debts. Kiev's decision falls in line with International monetary Fund's demands for Ukraine to stabilise its financial sector in order to achieve sustainable growth. PrivatBank controls one-third of the east European country's bank deposits and even has branches in the Baltic states.