Guided by the legal requirements and taking into account the proposal of the Deposit Guarantee Fund (FGVFL), the National Bank of Ukraine adopted its decision #90 of March 7 to withdraw the banking license and liquidate JSC Bank Forward starting March 8, 2023.
In a Wednesday press release, the NBU reminded that its board had decided on Feb. 7 to categorize Forward Bank as insolvent due to its failure to bring its activities into compliance with Ukrainian legislation, including the regulations of the National Bank, after categorizing it as a problem bank.
From March, 1 FGVFL started paying out the guaranteed compensations to the depositors of the bank “Forward” according to the contracts, which term expired till February, 7, 2023 and the contracts of bank settlement. The first part of the general register of depositors includes information on more than 48 thousand accounts with a total guaranteed amount of almost 326 million UAH.
The ultimate beneficial owner of the bank is Russian citizen Rustam Tariko. The Decree of the President of Ukraine in October 2022 enacted a decision of the National Security and Defence Council of Ukraine, which imposed personal sanctions on Tariko.
According to the NBU, as of January 1, 2023, the bank ranked 46th by assets (UAH 2.36 billion) out of 67 then-existing banks.
