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In compliance with the requirements of Article 76 of the Law of Ukraine On Banks and Banking, and given the lack of prospects for these banks' recovery, in order to protect the interests of depositors and other creditors, on March 2, 2015, the Board of the National Bank of Ukraine adopted a decision declaring KREDITPROMBANK PJSC and OMEGA BANK PJSC insolvent (NBU Board Resolutions No 151 and No 152 respectively).

KREDITPROMBANK PJSC and OMEGA BANK PJSC form part of the Banking Group “Delta", in which Delta Bank JSC is a designated holder.

In connection with KREDITPROMBANK PJSC and OMEGA BANK PJSC's involvement in risky activities, as evidenced by their deteriorating financials, in January 2015, the aforementioned banks were declared problem banks and NBU overseers were appointed to them.

Following the decision to declare these banks problem banks, no credible resolution proposals to put these banks back on a sound footing have been submitted to the National Bank of Ukraine. At the same time, the banks' financials continued to deteriorate further. Thus, the banks suffered drastic losses of regulatory capital, which had fallen to a negative value. The banks kept on violating the NBU regulations.

The owners of these banks have failed to take measures to provide financial support to the banks in order to bring their operations in compliance with applicable laws.

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