Ukrainian National Bank to liquidate Fidobank

Ukrainian National Bank to liquidate FidobankThe National Bank of Ukraine (NBU) on July 18 decided to withdraw the banking license and liquidate Fidobank, reads a posting on the NBU's website.

Fidobank was classified as insolvent on May 20, 2016. As a result of the outflow of funds, the bank has got problems with a fulfillment of obligations to customers. As of May 20, 2016, the total amount of Fidobank's outstanding customer operations exceeded UAH 500 million (9% of its liabilities).

As reported, a temporary administration was introduced in the bank for one month from May 20 to June 19, 2016.

In January 2016, the bank owner and chairman Oleksandr Adarych increased the bank regulatory capital by UAH 90 million under the conditions of a subordinated debt. At the same time, he acted as an individual investor.

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

Fidobank was established in 1991.

Fidobank ranked 22nd among 123 operating banks in the country on October 1, 2015, by total assets (UAH 7.616 billion), according to the NBU.
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