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The Board of the National Bank of Ukraine adopted a decision to declare Bank SOFIYSKIY PJSC insolvent and issued Resolution No. 916, dated 22 December 2015, to this effect.

“Historically, the Bank operated in Donetsk. Following the launch of the anti-terrorist operation, the Bank moved to Kyiv. However, the bulk of the bank's entire loan portfolio is concentrated in the ATO area. The developments in Eastern Ukraine led to a deterioration in the servicing of loans, triggering liquidity problems. The bank’s owners and management tried to rescue the Bank by searching for an investor.

“In search of an alternative source of income, the Bank recently focused on establishing branch offices specialized in retail currency exchange operations. However, given the shortage of liquidity, this option failed to achieve positive results. The search for investors who could provide financial support to the Bank has not yielded the desired result either. As a result, the Bank has been this driven into insolvency,” said Director of the Banking Supervision Department Kateryna Rozhkova.

Data from the Bank’s statistical reports suggest that Bank SOFIYSKIY PJSC experienced a shortage of funds required to meet its obligations to depositors and creditors. As of 9 December 2015, the Bank's total outstanding obligations amounted to UAH 32.1 million, or 5.3% of the total obligations.

The Bank’s qualifying shareholders failed to take timely measures to provide sufficient funding to the Bank and prevent it from slipping into insolvency. Pursuant to paragraph 3 of the first part of Article 76 of the Law of Ukraine On Banks and Banking, the NBU is obliged to declare a bank insolvent if the bank has failed to fulfill two or more percent of its obligations to customers and other creditors over five consecutive business days.

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