NBU declares bank Gefest insolvent

“In accordance with Article 76 of the Law of Ukraine on banks and banking, on August 1, 2017 the Board of the National Bank of Ukraine adopted Decision No 490-D/BS on declaring Public Joint Stock Company CB Gefest insolvent. PJSC CB Gefest failed to meet the statutory minimum capital requirements set by the NBU requiring the bank to increase its regulatory capital to at least UAH 200 million by 11 July 2017,” reads the report.

In addition, as of July 31, 2017, the regulatory capital of PJSC CB Gefest was less than one third of the minimum required amount.

The NBU also said that PJSC CB Gefest was founded late 2013 and because of the economic crisis, it was not actively engaged in banking business. As of August 1, the bank had no obligations to its clients.

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