On 11 August 2016, the National Bank of Ukraine, upon the proposal of the Deposit Guarantee Fund, issued Decision No. 209-рш on Withdrawal of the Banking License and Liquidation of Smartbank PJSC.
On 14 June 2016, Classicbank PJSC was declared insolvent due to its opaque ownership structure. The rationale behind this decision was Classicbank PJSC’s failure to bring its activities into compliance with the requirements of applicable laws within 180 days from the date the Bank was identified as problematic.
Classicbank PJSC was identified as problematic in December 2015 due to its nontransparent ownership structure.