NBU / Photo from UNIAN
PJSC Unicombank has been declared insolvent due to the total loss of liquidity, according to NBU Board Resolution No. 704, dated October 15, 2015.
Up until December 2014, PJSC Unicombank was incorporated and operated in Donetsk. Then, in accordance with applicable laws and regulations, it was re-incorporated outside the ATO area, in Lviv. However, a substantial part of its assets and collateral were left behind in Donetsk region. The debtors have ceased servicing loans and all inflows of funds to the bank have almost been halted, according to a press release of the NBU.
On October 6, 2015, PJSC Unicombank was declared a problem bank. Nonetheless, the bank's owners did not bother to take any measures to support its liquidity, improve its financial standing and remedy breaches of the NBU regulations.
Read alsoNBU not to support sanctions against Russian banks' subsidiaries in UkraineAccording to statistical reporting submitted by the bank, zero balances are held in the bank's correspondent account with the NBU. The balance of cash was critically low and as of October 13, 2015, amounted to UAH 80,000, or 0.01% of the bank's liabilities and 2% of the customers' operations that the bank had failed to execute. Thus, PJSC Unicombank was unable to settle the creditors' legal claims in due time and in full due to the lack of funds.
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