Ukrainian DGF: bank Mykhailivsky sold UAH 682m credits at too low prices

Ukrainian DGF: bank Mykhailivsky sold UAH 682m credits at too low pricesBank Mykhailivsky several days before it was placed on the list of insolvent banks sold UAH 682 million worth of card credits at low prices, the Individuals' Deposit Guarantee Fund that introduced temporary administration to the bank on May 23 has said.

"The credit portfolio consisted of credits issued in cash using payment cards and at bank partner stores. This is almost 111,000 credit agreement with the balance cost of over UAH 682 million," the fund said.

The fund noted that the credit assignment contracts were signed on May 19.

"The Individuals' Deposit Guarantee Fund is preparing a statement that top managers of bank Mykhailivsky committed a crime," the fund said.

The fund pays attention of the bank's borrowers that they are to return credits only using the bank Mykhailivsky information. The bank is the only valid credit-issuer for the agreements signed earlier.

Read also: Ukraine's DGF introduced temporary administration to bank Mykhailivsky

Bank Mykhailivsky was registered on June 14, 2013.

The bank ranked 71st among 109 operating banks as of April 1, 2016, in terms of total assets worth UAH 2.954 billion, according to the National Bank of Ukraine.
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