Pursuant to Board Decision No. 543-D dated 14 August 2018, the National Bank of Ukraine (NBU) has revoked the banking and general license of DV BANK PJSC to conduct FX operations.

This bank has decided to voluntary terminate its banking activities without losing the status of a legal entity.

DV BANK PJSC is the fifth bank that has taken such a decision. The NBU has already revoked the licenses of CB Finansovyi Partner PJSC, Apeks-Bank PJSC, Industrial and Financial Bank PJSC, and Credit Optima Bank PJSC under the same procedure.

The procedure for the voluntary termination of banking activity became possible due to the adoption of the Law of Ukraine On Simplifying Bank Reorganization and Capitalization Procedures in March 2017.

Earlier on, banks could voluntarily terminate their activities only through final liquidation, which caused significant disadvantages to their owners, but now banks’ shareholders may decide to terminate their banking activities without losing a legal entity status. A legal entity that has ceased to be a bank may continue operating in the financial services market (subject to obtaining appropriate licenses) or carry out other types of economic activity.

Revoking banking and general licenses to conduct FX transactions requires that banks agree with the NBU their plans for the termination of their activities and that they fully meet their liabilities related to banking activities.