NBU revokes licenses of 2 banks

REUTERS The National Bank of Ukraine (NBU) has revoked banking licenses and general licenses for foreign exchange operations of Center Bank and VS Bank. The move was based on the banks&#39; reorganization by merger into other financial institutions: Center Bank to MTB Bank, and VS Bank to TAScombank, according to the NBU website. It is noted that the reorganization was carried out under the law of Ukraine on simplification of procedures for bank capitalization and restructuring. Read alsoEx-NBU head Gontareva becomes fellow at Institute of Global Affairs UNIAN memo. The Verkhovna Rada of Ukraine on March 23, 2017, passed a draft law on simplification of procedures for bank capitalization and restructuring and President Petro Poroshenko enacted it on April 26. The law allows banks to stop using a banking license without liquidating a legal entity and continue their operation as a non-bank financial institution. The National Bank of Ukraine granted a permission for the merger of Center Bank to MTB Bank on August 10, and VS Bank to TAScombank on July 10, 2018.

NBU revokes licenses of 2 banks

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