REUTERS
BM Bank decided to voluntarily terminate its banking activities without being liquidated as a legal entity.
The National Bank of Ukraine (NBU) has revoked the banking and foreign exchange operation licenses of BM Bank, the Ukrainian-based subsidiary of Russia's state-owned PJSC VTB bank.
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The regulator also excluded the financial institution from the State Register of Banks, according to the NBU's website.
What is more, the central bank said BM Bank had decided to voluntarily terminate its banking activities without being liquidated as a legal entity.
According to the regulator, BM Bank became the sixth financial institution that made such a decision, after DV Bank, Financial Partner, Apeks-Bank, Industrial-Financial Bank, and Credit Optima Bank.
As UNIAN reported earlier, the National Bank in April agreed on a plan to cease banking activities of BM Bank, the Ukrainian-based subsidiary of Russia's VTB bank. The bank's shareholder made the relevant decision in March.
The sanctions imposed on Russian state banks' Ukrainian subsidiaries, including Sberbank, VS Bank, Prominvestbank, VTB Bank, and BM Bank, have been in effect since March 2017. They ban the withdrawal of capital in favor of the parent structures.