You're reading: Ukraine central bank decides to liquidate Finbank

The National Bank of Ukraine on April 27 decided to revoke the banking license and liquidate PJSC Finbank at the suggestion of the Individuals’ Deposit Guarantee Fund, the regulator has said.

The central bank said, with reference to the fund, 99 percent of Finbank depositors will receive their deposits in full, since their amount does not exceed the guaranteed sum of Hr 200,000.

The NBU noted Finbank was declared insolvent on April 7 due to the failure to complete the program of capitalization, a high proportion of transactions with related parties, and violation of economic standards. Temporary administration was introduced in the bank on April 10.

According to the fund, the total guaranteed amount of deposit refunds is Hr 2.9 million.

Finbank was registered in 1993.

Finbank ranked 63rd among 93 banks operating in the country as of Jan. 1 (Hr 650.91 million).