On 21 July 2016, the National Bank of Ukraine, upon the proposal of the Deposit Guarantee Fund, issued Decision No. 153-рш on Withdrawal of the Banking License and Liquidation of Smartbank PJSC.
On 24 May 2016, the NBU declared Smartbank PJSC insolvent due to its non-transparent ownership structure.
Following several failed attempts by different individuals to secure the approval of the acquisition of a qualifying holding in a bank in 2015-2016, Smartbank PJSC’s ownership structure was never brought into compliance with transparency requirements set by the regulator.