On 12 September 2019, the National Bank of Ukraine granted its permission for the reorganization of Ukrsotsbank JSC through merging with Alfa-Bank JSC under the simplified procedure.
The permission was in line with the Law of Ukraine On Simplifying Reorganization and Capitalization Procedures for Banks.
As a result of the reorganization, Alfa-Bank JSC will become the legal successor of all rights and obligations of Ukrsotsbank JSC regarding its customers and counterparties.
As the legal successor, Alfa-Bank JSC will acquire all rights under the transferred assets and assume debtor’s liabilities under the claims of creditors (depositors) related to the transferred liabilities without the need to amend the respective agreements.
Please be reminded that the Law of Ukraine On Simplifying Reorganization and Capitalization Procedures for Banks provides for the reorganization of banks through merging under the simplified procedure, with the term reduced by several times from eighteen to three-to-four months.
Express-Bank PJSC and Industrialbank JSCB, as well as CB Center PJSC and MTB Bank PJSC, underwent reorganization through merging under the simplified procedure in 2018.