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NBU Revokes Banking License of DV BANK PJSC
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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. |