On February 25, 2015, the winding-up proceedings has been launched in respect of Public Joint-Stock Company "Joint-Stock Commercial Bank "KYIV" (hereinafter – KYIV PJSCCB) through the disposition of all its assets and liabilities to the state-owned Public Joint-Stock Company Joint-Stock Bank "Ukrgasbank" (hereinafter – Ukrgasbank JSB).
The transfer of liabilities held by KYIV PJSCCB to Ukrgasbank JSB will allow individual and corporate depositors (including trade unions) to regain access to their bank accounts (including deposits exceeding UAH 200 thousand) and enable the bank's clients to operate their accounts freely.
The winding-up proceedings in respect of KYIV PJSCCB has been launched with a view to implementing the Government's decision to transfer the assets and liabilities held by KYIV PJSCCB to another bank with a state stake, which was adopted on February 11, 2015. To this end, by virtue of decision No 128 dated February 24, 2015, the National Bank of Ukraine declared Public Joint-Stock Company "Joint-Stock Commercial Bank "KYIV" insolvent. The Deposit Guarantee Fund has appointed the provisional administration to KYIV PJSCCB (effective from today) and started compiling the register of assets and liabilities of the bank so that they would be further transferred to Ukrgasbank JSB.
The National Bank of Ukraine, in cooperation with the Ministry of Finance of Ukraine and the Deposit Guarantee Fund, will exercise control over the processes related to ensuring that depositors and other creditors of KYIV PJSCCB can realize their rights to receive their funds through the branch offices of Ukrgasbank JSB.
The winding-up proceedings in respect of KYIV PJSCCB ) through the disposition of all its assets and liabilities to Ukrgasbank JSB will help preserve the funds held by the bank's clients and contribute to greater efficiency of the state-owned banks, which is achieved through the consolidation of their assets.