Interim administration at Unicombank will be in effect until January 15 / Photo from facebook.com/NationalBankOfUkraine
The Individual Deposits Guarantee Fund has introduced interim administration at Unicombank, which has recently been designated as insolvent.
The interim administration was introduced on October 16 in keeping with a decision taken by the National Bank of Ukraine (NBU) on the bank's insolvency, the Fund reported on its website.
The administration will be in effect in the next three months, until January 15, 2016. Vadym Kononets was appointed interim administrator.
As UNIAN reported, PJSC Unicombank was declared insolvent under NBU Board Resolution No. 704, dated October 15, 2015, due to the total loss of liquidity. 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 Anti-Terrorist Operation zone, in Lviv. However, a substantial part of its assets and collateral were left behind in Donetsk region. Its debtors ceased repaying loans and all inflows of funds to the bank were almost halted, according to the NBU.
Pursuant to paragraph 3 Part 1 Article 76 of the Law of Ukraine "On Banks and Banking," the Board of the National Bank of Ukraine was obliged to declare this bank insolvent if the facts have been revealed that the bank has failed to record in its accounting records the customers' payment orders that have not been executed by the bank in due time as prescribed by law following the decision to declare the bank a problem bank.
Unicombank (Perspectiva Bank) entered the Ukrainian market in 2002. As of the middle of August 2015, its major owner was Andriy Radkevych, who held 41.7521% of the bank's shares.