On August 5, 2015, the National Bank of Ukraine gave its approval to Primestar Energy FZE for the acquisition of a qualifying holding in Ukrgazprombank PJSC. Mr Hameed Syed Salahuddin, an Indian national residing in the United Arab Emirates, is the sole shareholder in Primestar Energy FZE. Thus, following the completion of a deal to acquire a 100% stake in Ukrgazprombank PJSC, he will become the sole ultimate beneficial owner of the bank.
Prior to the approval of the acquisition, the National Bank of Ukraine carried out an identification of the company and its shareholder, verified the business reputation and financial standing, which proved to be sufficient to enable the acquisition of the bank. The company's financial statements for the past three years, auditor’s reports, and the owner’s bank account statements had been examined.
As a side notes, on June 12, 2015, the Regulation on the Procedure for Registration and Licensing of the Banks and Opening Standalone Units was amended to increase the requirements on investors of insolvent banks. In accordance with amendments to the regulation, a legal or natural entity intending to become an ultimate beneficial owner of a qualifying holding in an insolvent bank or a bridge bank is required to possess own funds in an amount not less than UAH 500 million.
Pursuant to the Law of Ukraine On Household Deposit Guarantee System, a new owner of the bank is required bring Ukrgazprombank PJSC back to solvency and restore its liquidity within a month following the execution of an agreement. Upon completion of the capital injection, the National Bank of Ukraine will carry out an inspection of the bank to check whether the bank’s activities have been brought into conformity with the requirements of the applicable laws and regulations and the terms of the acquisition-disposition agreement.