The National Bank of Ukraine (NBU) cancelled licenses of six non-banking institutions and removed four non-banking financial institutions from the State Register of Financial Institutions and one non-banking institution from the Register of Persons who are not financial institutions but are entitled to provide certain financial services.
As reported on the website of the regulator, all existing licenses were revoked and excluded from the State Register on the basis of their own applications: PO “Lombard “Express-Gotivka”, LLC “The World of Financial Solutions and Company”, LLC “Astra.Finance”, CC “Zalogy House”, CC “Crez-Capital” and LLC “Navia Invest” from the Register of persons who are not financial institutions, but have the right to provide certain financial services. Sovremennaya Finansovaya Kompaniya LLC had its licenses revoked on the basis of an application.
The Committee for the Supervision and Regulation of the Non-banking Financial Services Markets adopted these decisions on March 16, 2023.
The National Bank of Ukraine (NBU) has revoked the licenses of ALC IC Amji-Insurance (Kiev) and PJSC IC VONA to provide financial services due to the non-compliance of their ownership structure with the legislation. (Lviv), reported on the website of the regulator.
The decision to cancel the licenses was taken by the board of the NBU on March 2, 2023 in accordance with Article 381 of the law “On Financial Services and State Regulation of Financial Services Markets”.
The NBU informs that according to the last submitted financial statements for the year 2022 the amount of insurance premiums of the company as of December 31, 2022 was UAH 1.927 million, the value of assets – UAH 39.322 thousand, insurance reserves – UAH 270 thousand. The market share of the company on insurance premiums amounted to 0,006%.
According to the last submitted statements of IC “VONA” for 2022, the value of its assets amounted to UAH 31,098 mln. There were no insurance premiums, insurance reserves. The market share of the company on insurance premiums – 0,0%.
After the revocation of license the financial institution is deprived of the right to operate by the types of licenses withdrawn, but does not relieve the financial institution from its obligations under contracts for the provision of financial services.
IC “Amji Insurance” (until March 2019 – OTO “OTL-Insurance”) specializes in risk insurance. According to the data of the company, published on its website, as of the beginning of 2022 its shareholders were 16 individuals.
IC “VONA” (former IC Veltva) has been incorporated in October, 1995. Since 1997 it is a member of the Motor (transport) Insurance Bureau of Ukraine, the Kharkov Union of Insurers, “Insurance business” association and the Kharkov Chamber of Commerce and Industry.
In October 2013 IC “VELTA” has rebranded to PrJSC “Insurance company “WONA” and changed its location to Lvov.
According to the website of the insurer, its shareholder on January 1, 2022 is LLC “UKR SEL” (Lviv), which owns 99.9% of the insurer. Through it, Tatiana Barbaniuk owns 13,9986% of the insurer, Yaroslav Ishchak – 41,276%, Roman Kapustin – 44,816%.
The National Bank of Ukraine has cancelled licenses for four financial companies and one credit union, and excluded two credit unions from the State Register of Financial Institutions, according to the regulator’s website.
According to the NBU, the decisions of December 12, all licenses of Holastis Financial Company LLC, Maximum Financial Company LLC and Credit Finance Ukraine Financial Company LLC have been annulled.
As reported, on October 19, 2022 the mentioned institutions have been applied sanctions in the form of temporary suspension of licenses to provide financial services due to non-provision of information and documents about the ownership structure requested by the National Bank of Ukraine. As of the moment of taking decision on cancellation of licenses the violations have not been eliminated.
Besides, LLC “FC “Plaza Inves” has its license for provision of financial leasing services revoked due to failure to provide any financial service under this license during 12 months since the day of its issuance.
CC “Ukrainian Oshchad Center” is also excluded from the State Register of financial institutions due to the cancellation of all previous licenses and CC “Elliada” on the basis of its own application, guided by the special procedure during martial law.
Motor-Garant Insurance Company and Alfa Strakhovaniye PJSC will lose the right to conclude new contracts of compulsory insurance of civil liability of motor vehicles owners (CMTPL) starting from December 6, 2022, according to website of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU).
It is noted that companies must fulfill their obligations under previously concluded contracts.
The Ministry of Transport Insurance Bureau notes that the reason for this decision was the application of the National Bank of Ukraine to these companies in the form of suspension of licenses for compulsory insurance of civil liability of owners of vehicles.
As reported, on December 5, the NBU suspended Alfastrakhovanie and Motor-Garant in connection with the fact that the companies did not meet the requirements of the Regulations on licensing and registration of financial services and conditions for their activities in the provision of financial services, namely the requirements for business reputation of financial services providers.
As previously reported, IC “Alfa Insurance” was founded in 2000. It offers universal portfolio of services, including comprehensive programs to protect business interests and a wide range of insurance products for individuals.
IC Motor-Garant has been operating in the insurance market since 2000 and is a part of the banking group together with Motor-Bank JSC. The ultimate beneficial owner of the company is Vyacheslav Boguslaev, who owns 83.6% of shares.
On November 16, the National Bank of Ukraine cancelled licenses for 17 non-bank financial institutions and excluded 13 from the State Register of Financial Institutions, the regulator’s website reported.
Thus, on the basis of their own applications, all the licenses of the following LLCs were cancelled: FC Favorit, Capital Properties, Fin2go, Professional Payment System, Agema Finance, ICC Finance, Skye FC, Favorit FC, Parus FC, FC “Finex Capital”, FC “Tessella Asset Finance”, PO “Lombard Creditom” LLC “Autodoc” and company, FC “Center of factoring services”, FC “Sokur”.
In addition, some licenses were revoked on the basis of the applications received: FC Technofinance – for the provision of financial leasing services, Profitgid – for the provision of factoring services, the provision of financial leasing services, FC Fin Pay – for the provision of factoring services, lending funds, including a financial loan.
Based on the received applications and documents the following companies were excluded from the State register of financial institutions: PA “Lombard “Creditom”, LLC “Agema Finance”, LLC FC “Favorit”, LLC “Professional Payment System”, LLC “ICC Finance”, LLC “Capital Prospect”, FC “Tessella Asset Finance”, LLC “FC “Favorit”, LLC FC “Finex Capital”, LLC “FC “Factoring Services Center”.
LLC “Financial company “Whitepay” and LLC “Financial company “Pung” were excluded from the State register of financial institutions due to the lack of licenses for activities.
The National Bank of Ukraine (NBU) has cancelled licenses of 13 non-banking financial institutions and removed 10 financial institutions from the registers, the regulator’s website reported.
Thus, on the basis of their own applications, all existing licenses of ARES Capital LLC, Infinance LLC, KF.ua LLC, Omega-Finance LLC, FC Aland LLC, FC Alma LLC, FC Intime Finance LLC, and FC Monti LLC were revoked. All companies except for FC “Monti” have been excluded from the State Register of financial institutions.
MOTOR SICH JSC is also excluded from the Register of persons who are not financial institutions but are entitled to provide certain financial services due to the lack of a valid license for the provision of financial services.
In addition, based on the applications received, certain licenses have been revoked for Prime Finance Financial Company LLC to provide guarantees, Debt Obligation Fund Factoring Company LLC to provide guarantees, and Eliance Financial Company LLC to provide financial leasing services.
The National Bank revoked (cancelled) the licenses to provide financial services of CC “Garanta-L.K.” and CC Partner-Plus and excluded these credit unions from the State Register of financial institutions based on their own applications, guided by the special procedure during martial law*.
As of October 1, 2022 the volume of assets of CC “Garant-L.K.” was UAH 1,032 million (0.067% of the credit union market volume), liabilities – UAH 105 thousand (0.012% of the credit union market volume), including UAH 105 thousand – liabilities on which no interest is accrued.
The volume of assets of CC “Partner-Plus” as of October, 1, 2022 made UAH 996,65 th. (0,065% of the total volume of credit unions market), obligations – UAH 23,16 th. (0,003% of the total volume of credit unions market).
Such decisions were made by the Committee on supervision and regulation of non-banking financial services markets on November 3, 2022.
