National Bank revokes banking licenses of Apeks-Bank, Industrial and Financial Bank

National Bank revokes banking licenses of Apeks-Bank, Industrial and Financial Bank

National Bank of Ukraine
The National Bank of Ukraine has revoked the banking licenses of Apeks-Bank (Kyiv) and the Industrial and Financial Bank (Kremenchuk) under the procedure of voluntary termination of banking services. The regulator announced this on its official website, Interfax-Ukraine reports.
“The National Bank of Ukraine, by decisions of the board #827-RSh and #829-RSh of 26 December 2017, revoked the banking and general licenses for currency transactions from PJSC Apeks-Bank and OJSC Industrial and Financial Bank respectively. These banks have decided to voluntarily terminate their banking activities without dissolution of their companies,” the report states.

Deputy Chairman of the National Bank Yekateryna Rozhkova said the regulator regards the banks’ decision to terminate their banking services as a balanced and well-thought judgement, which reveals that the shareholders of these banks have carefully assessed the market situation and their own capabilities of choosing and implementing the bank’s business model.

“The existence of a viable business model, the willingness and ability of shareholders to maintain financial stability is the ultimate key to success of any banking organization. The possibility of painless transformation into a non-banking financial or a non-financial organization not only minimizes the risks to customers and creditors, but also provides a valuable opportunity for shareholders to reorient themselves to other activities that turn out to be more effective to them and appropriate from the regulator’s viewpoint,” she explained.

As reported earlier, NBU's former Deputy Chairman Volodymyr Rashkovan expects the total number of banks operating in Ukraine to drop to 70-78 institutions in 2018. 
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