The Individuals' Deposit Guarantee Fund will start payments to the
depositors of insolvent Bank Finance and Credit on November 4 through
state-controlled Oschadbank, First Ukrainian International Bank, Alfa-Bank (all
based in Kyiv) and Bank Pivdennyi (Odesa), the fund said on its website.
According to the report, payments will be made under
contracts which expired prior to November 1 on current bank account contracts
in the amount of the deposit, including interest accrued on the date the fund
started withdrawing the bank from the market, but no more than UAH 200,000.
The fund will make an additional announcement
regarding payments to depositors whose contracts will expire after November 1,
as well as card account contracts.
As reported, on September 18 the fund introduced
temporary administration at Bank Finance and Credit, which the National Bank of
Ukraine declared as insolvent on September 17.
Bank Finance and Credit was founded in 1990. Its main
beneficiary is the Ukrainian businessman, MP, the majority shareholder and CEO
of Ferrexpo mining company, Kostiantyn Zhevaho.
The bank ranked 10th among 127 operating banks in the
country by total assets on July 1, 2015 (UAH 38.88 billion), according to the
NBU.
Its obligations to individuals as of the date were equal
to UAH 16.98 billion, in particular UAH 11.61 billion in foreign currency.
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