Finance

Banks

NBU declares Bank Cambio insolvent

1996

The National Bank of Ukraine on December 4, 2014 declared the public joint-stock company Bank Cambio insolvent, whilst also deciding to withdraw Bank Zoloti Vorota’s banking license (Kharkiv) and liquidate it, the NBU wrote on its Facebook page.

«From October 20, 2014, the structure of shareholders and top managers of the bank [Cambio] have changed. However, new shareholders did not take urgent measures to restore solvency of the bank,» the NBU said.

«The non-fulfillment of liabilities to depositors and creditors and a lot of cases of the non-observation of legal acts of the regulator were the reasons why the bank was put on the category of troubled banks and an administrator from the NBU was appointed,» the NBU said.

As for Bank Zoloti Vorota, the central bank said that it was decided to liquidate the bank, taking into account a proposal from the Individuals’ Deposit Guarantee Fund.

«Unfortunately, shareholders in Bank Zoloti Vorota did not use a chance to resume the operation of the bank and did not fulfill the requirements of the NBU, and did not provide for the bank’s support to restore its operation,» the regulator said, citing the director of the chief department of banking supervision Alla Shulha.

The Deposit Guarantee Fund on September 18 approved a plan to settle the situation at Bank Zoloti Vorota, foreseeing its removal from the market via the transfer of all or a part of the banks assets and liabilities to a new bank (Standard Bank was selected) along with the cancellation of the its banking license and liquidation.

Bank Cambio was founded in 2004. Its largest shareholders as of July 1, 2014 were Natalia Taradaiko (16.8554%) and Andriy Chebanenko (28.1739%). However, it was announced in September that one individual reduced their stake in the bank to 9.63% from 28.174%, while another’s increased to 24.521% from 16.855%.

Bank Cambio ranked 67th in terms of total assets (UAH 2.423 billion) among the 173 financial institutions operating in the country as of July 1, 2014, according to the National Bank of Ukraine.

Bank Zoloti Vorota was founded in 1993. Its largest shareholders on July 1, 2014 were Yakiv Kuznetsov (19.1502%), Vadym Vyshnevsky (12.1852%), and Yevhen Cherniak (10.0654%).

According to the National Bank of Ukraine, on October 1, 2014, the bank ranked 139th (UAH 418.425 million) in total assets among the 173 banks operating in Ukraine.

Source: Interfax-Ukraine

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