On 14 June 2016, the Board of the National Bank of Ukraine issued Decision No. 67-рш/БТ declaring Classicbank PJSC insolvent. 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 opaque ownership structure.
On 1 April 2016, the Bank notified the regulator that the individuals mentioned in the information about the ownership structure are nominee shareholders acting on behalf of Mr Serhii Dumchev, former Chairman of the Supervisory Board of CB Premium PJSC.
The Bank’s beneficial owner has not submitted the documents required for the acquisition of a qualifying holding in a bank. The Bank and its owner have failed to find an alternative option, including the alienation of the Bank to third parties.
Given that the Bank has failed to bring its ownership structure into compliance with the requirements set by the NBU within the timeframe as mandated by law, the regulator was required to declare the Bank insolvent.
Deposits of 65 individuals were placed with this bank. The financial burden to be borne by the Deposit Guarantee Fund will not exceed UAH 258,000.