Borys Kaufman in October 2014 signed a private agreement on the transfer of control over around 80% of shares in public joint-stock company Finbank (Odesa) to minority shareholder Oleksandr Hranovsky without receiving permission from the National Bank of Ukraine (NBU).

The NBU wrote on its website on Thursday that the central bank on May 20 fined Hranovsky and obliged him to register ownership rights to the shares within three months after receiving the permit from the NBU or to sell the shares to a third party.

"If the recommendation of the NBU is not fulfilled in the established term, the NBU has the right to deprive Hranovsky and nominal shareholders under his control of the right to vote with shares that were bought in violation of Ukrainian law," reads the report.

The regulator said that Hranovsky directly held 9.2061% in the bank, and in October 2014 he received the possibility of gaining decisive influence on the management and operation of the bank without receiving a permit from the NBU.

Finbank was registered in 1993.

In September 2014 it was reported that the major shareholders of Finbank had sold their stakes in the financial institution.

The bank ranked 56th among 133 operating banks as of April 1, 2015, in terms of total assets worth UAH 1.349 billion, according to the NBU.