Having considered the proposal put forward by the Deposit Guarantee Fund (hereinafter – the Fund) concerning liquidation of the insolvent bank PROFINBANK PJSC, the National Bank of Ukraine adopted a decision to revoke the banking license held by PROFINBANK PJSC and wind up this bank.
In the course of supervision over activities of PROFINBANK PJSC, the National Bank revealed that this financial institution had performed risky activities that led the National Bank to take corrective action against PROFINBANK PJSC on several occasions for its violation of the law on financial monitoring.
Given the above, and in order to protect the interests of depositors and other creditors, the National Bank of Ukraine Board issued Resolution No 35/BТ, dated January 19, 2015, whereby PROFINBANK PJSC was declared insolvent.
In compliance with Article 34, Section VII of the Law of Ukraine On Household Deposit Guarantee System, the Executive Directorate of the Fund adopted Decision No. 11, dated January 19, 2015, whereby it placed the bank under a provisional administration (for the period from 20.01.2015 to 19.04.2015), and appointed an authorized person to that effect.