REUTERS
The Individuals' Deposit Guarantee Fund has started a liquidation procedure of PJSC Radical Bank pursuant to a decision of the National Bank of Ukraine (NBU) on revokation of a banking license and liquidation of the bank, according to a posting on the website of the Fund.
The liquidation procedure will last two years, until November 10, 2017.
As UNIAN reported earlier, the Individuals' Deposit Guarantee Fund introduced July 10 its provisional administration to Radical Bank based on the NBU decision on recognizing the bank insolvent.
Read alsoCapital Bank depositors start receiving guaranteed paymentUNIAN memo. PJSC Radical Bank has been operating in the Ukrainian market since 2010, belonging to a group of small-sized banks in terms of assets.
According to the NBU, the bank's major shareholder is Oleksandr Shpak, vice-president of Ukrrosmetall corporation, who owns 71% shares through Industrial Innovation Company.