Photo from UNIAN "CB GEFEST PJSC failed to meet the statutory minimum capital requirements set by the NBU requiring the bank to increase its regulatory capital to at least UAH 200 million [US$7.7 million] by July 11, 2017," the report said. As of 31 July 2017, the regulatory capital of CB GEFEST PJSC was less than one third of the minimum required amount, the NBU said. "In view of the above, pursuant to Paragraph 2 of Part 1 of Article 76 of the Law of Ukraine on Banks and Banking, the NBU Board was obliged to declare this bank insolvent," the regulator added. Read alsoNBU lists 36 Ukrainian banks for additional capitalization by July 11The NBU also noted that CB GEFEST PJSC was established in late 2013. Given the economic crisis, the bank de facto was not actively engaged in banking business as of the date of the decision to declare the bank insolvent and had no obligations to its customers. As UNIAN reported earlier, CB GEFEST PJSC ranked 90th in terms of assets among 90 operating banks, with UAH 17.7 million, or $684,455, as of April 1. Ukrainian citizen Ihor Kutitsky is the bank&#39;s owner, according to the NBU. The bank has become the eighth financial institution declared insolvent since the beginning of the year.