The National Bank of Ukraine (NBU) on February 26 decided to liquidate the insolvent banks BG Bank and Legbank (both based in Kyiv), reads a post on the NBU's website.

"Shareholders and top managers of the above-mentioned banks did not take measures aimed at preventing insolvency of the banks on time, in particular, they did not remove a lack of liquidity and did not fulfill liabilities to depositors and creditors on time," reads the report.

The central bank said that BG Bank and Legbank were put on the list of insolvent banks under NBU resolutions No. 744 and 745 of November 27, 2014. Temporary administration at the banks expired on February 27, 2015.

Legbank was founded in 1989, and BG Bank in 1994.

BG Bank ranked 84th among 158 operating banks as of January 1, 2015, in terms of total assets worth UAH 1.301 billion, and Legbank ranked 133rd with UAH 396 million, according to the National Bank of Ukraine.