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Declared insolvent Bank People's Capital goes into administration

Declared insolvent Bank People's Capital goes into administrationThe Individuals Deposit Guarantee Fund introduced temporary administration to Bank People's Capital on January 19. Earlier on January 19 the National Bank of Ukraine (NBU) declared the bank insolvent.

The fund said that temporary administration will work for one month – until February 20 inclusively. The fund appointed Oleh Andronov temporary administrator of the bank. Andronov earlier was a temporary administrator and later liquidator of Integral-Bank (Kyiv).
As reported, the NBU declared the bank insolvent 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 troubled bank in connection with the incompliance of its ownership structure with the requirements of transparency.

Bank People's Capital was founded in 1993.

The bank ranked 86th among 100 operating banks as of October 1, 2016, in terms of total assets worth UAH 265.06 million, according to the NBU.
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