In 1992, Serhiy Tihipko, the former head of the Dnepropetrovsk Komsomol Party, suggested to Miloslavsky to set up a bank. Kolomoisky initially opposed this idea, but eventually agreed . In March 1992, four companies — Vist LLC, Sentosa LLC, Som LLC, and Privat-Intertreyding CJSC — established Privatbank CJSC. Tigipko became chairman of the board, and Miloslavsky headed the supervisory board. Unlike state-owned banks, Privat willingly served private entrepreneurs. 1995 became the crucial year for the Privatbank Group business when the bank have joined voucher privatization.