Ukraine National Bank declared Kredit bank insolvent

The National Bank of Ukraine on February 9 decided to declare TK Kredit JSC CB insolvent because of the non-transparent ownership structure of financial institutions.

The press service of the NBU reports.

The regulator notes that since the middle of 2014 the NBU has repeatedly warned the bank to comply with requirements for transparency regarding its ownership structure. However, the bank ignored demands of the regulator and did not submit the requested documents. The National Bank said that funds owned by 98.9 percent of depositors will be reimbursed by the Deposit Guarantee Fund of private entities in full. The Fund will provide payments guaranteed amount of deposits in the amount of about UAH 0.6 million. 

Recall that all Ukrainian banks must have provided information to the NBU to prove transparency of their ownership until the end of 2015.

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