The Board of the National Bank of Ukraine has adopted a decision on declaring CB TK CREDIT PJSC insolvent. Resolution 60/BТ of 9 February 2016 has been issued to this effect. This is the first time that a bank has been put into resolution due to its opaque ownership structure.
Since mid-2014, the NBU has repeatedly notified the Bank that its ownership structure fails to comply with transparency requirements. However, the Bank has disregarded the requirements set by the regulator and failed to submit the required documents. The Bank’s owners have failed to take measures to bring the Bank’s ownership structure into line with regulatory requirements.
Funds of 98.9% of depositors will be reimbursed by the Deposit Guarantee Fund (DGF) in full. The DGF will pay out a total of about UAH 0.6 million in compensation to eligible depositors.
By the end of 2015, all Ukrainian banks had to submit to the NBU information confirming that their ownership structure complies with transparency requirements. The regulator warned banks that those banks that have failed to submit this information would face liquidation. The NBU intends to complete the process of ensuring that all Ukrainian banks' ownership structures comply with transparency requirements by the end of the first quarter of 2016.