The National Bank of Ukraine
(NBU) on December 21 decided to revoke a banking license and liquidate PJSC
All-Ukrainian Development Bank, owned by a son of Ukraine's ex-president Viktor
Yanukovych, the NBU reported on its website.
It is noted that the decision was
made following a proposal of Individuals' Deposit Guarantee Fund.
The liquidation of the bank will last for two years - until December 22,
2017.
At the same time, Yanukovych's MAKO Group of companies, which owns the
bank, claimed the bank was solvent, and an application for lifting sanctions
has been under consideration of the European Court of Justice. Therefore, the
Group intends to appeal against the NBU decision in court. However, the Group
acknowledged that the bank was in a difficult situation due to loss of branches
in Crimea and eastern Ukraine, and was expecting the assistance from the
regulator.
The All-Ukrainian Development Bank has been operating in the
Ukrainian market since 2009 and is one of the major financial
institutions. During Yanukovych's presidency the bank's assets increased by
almost 13 times.
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