The National Bank of Ukraine (NBU) has adopted a resolution to revoke its banking license from October 10 and liquidate the insolvent Sich Bank, the regulator’s press service reported on Thursday.
The corresponding decision was made by the resolution of the NBU Board No. 495-rsh dated October 6.
As reported, on August 10, 2022, the NBU board decided to classify Bank Sich JSC as insolvent due to the financial institution’s failure to fulfill its obligations to the NBU on refinancing loans within the time period established by the agreement due to insufficient funds.
The message on the regulator’s website also notes that Sich Bank did not pay interest on refinancing loans for July 2022, violating the terms of the general loan agreement concluded between the bank and the National Bank.
Each depositor of Sich Bank will receive compensation from the DGF in the full amount of the deposit, including interest accrued as of the end of the day preceding the day the procedure for withdrawing the bank from the market begins. In general, the possible amount of payments of the guaranteed amount to depositors as of July 1, 2022 is UAH 1.229 billion.
Bank “Sich” was founded in 2011. According to the bank’s website, as of January 1, 2022, its shareholders were Oleg Balanda (55.615%), Valery Razdorozhny (31.016%), Andrey Melnik (9.6257%) and Oleg Gubanov (3.7433%).
