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NBU declares Bank People's Capital insolvent

NBU declares Bank People's Capital insolventThe National Bank of Ukraine (NBU) on January 19 declared Bank People's Capital (Bank Narodny Kapital, Kyiv) insolvent, according to the central bank's website.

The central bank made relevant decree No. 34- RSh/BT due to the incompliance of the bank's ownership structure with the requirements regarding transparency.

According to the NBU, now more than 85% of the bank's shares are owned by the persons, none of whom holds a substantial stake in the bank.

The sole owner of such a share is Valeriy Makarenko (owns 14.24% of the shares), who, however, has received a significant share violating the law - without NBU consent. In this connection, he had been deprived of the right to vote for a long time.

The NBU noted he had not agreed on self-liquidation of the bank, because the law on banks and banking activity provides that such consent may be granted only in case of non-availability of the signs, according to which the financial institution can be declared problem or insolvent.

The NBU said in July 2016 Bank People's Capital was classified as a problem in connection with the incompliance of its ownership structure with the requirements of transparency.
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