Authorization

Ukraine's DGF can pay to Smartbank's depositors UAH 600,000

Ukraine's DGF can pay to Smartbank's depositors UAH 600,000The Individuals' Deposit Guarantee Fund can pay UAH 602,108 of total liabilities to depositors of insolvent Smartbank (Kyiv), according to a report drawn up as of May 25, 2016, the fund has said on its website.

The fund has started searching for investors of the bank. It is proposed that the bank's liabilities secured by the fund can be sold in favor of an accepting bank with payment of a premium by the accepting bank.

The fund introduced temporary administration to insolvent Smartbank (Kyiv) for one month from May 25 to June 24, 2016 inclusively.

Andriy Fedorchenko has been appointed temporary administrator.

Read also: Fidobank depositors to recieve UAH 1.82 bln compensation - Ukrainian DGF

Smartbank is the third bank placed on the list of insolvent banks in connection to non-transparency of ownership structure.

Asito Kapital in April 2015 acquired 99% of shares in Star-Polis insurance company that holds 40% of the bank.

Smartbank was registered in 2010. The bank ranked 66th among 109 operating banks as of April 1, 2016, with total assets worth UAH 460.664 million, according to the National Bank of Ukraine.
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