On 10 July 2018, the National Bank of Ukraine (NBU) authorized the reorganization of VS Bank PJSC through merging with TASCOMBANK JSC under the simplified procedure.
The authorization has been provided in line with Law of Ukraine On Simplifying Reorganization and Capitalization Procedures for Banks andaccording to NBU Decision No. 395-ро.
The NBU granted the preliminary approval of a draft plan for the reorganization of VS Bank PJSC through merging with TASCOMBANK JSC under the simplified procedure on 27 April 2018.
As a side note, 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.
As a result of the reorganization, TASCOMBANK JSC will become a legal successor of all rights and obligations of VS Bank PJSC to its customers, partners and counterparties.
As the legal successor, TASCOMBANK 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 amending the respective agreements.
For reference
The first banks to conduct the reorganization through merging under the simplified procedure were Express-Bank PJSC and Industrialbank JSB.