The National Bank of Ukraine (NBU) has decided to revoke the banking license of insolvent bank Standard (Kyiv) and liquidate it.

"After considering the proposal of the fund [the Individuals' Deposit Guarantee Fund], the NBU Board issued resolution No. 385 of June 18, 2015 on revoking the banking license of insolvent bank Standard and its liquidation," the NBU said in a posting on its website.

According to the report, in February 2015 the bank was put on the list of troubled banks as it was carrying out risky operations.

The financial readjustment plan presented by the bank to the NBU did not contain enough urgent measures aimed at improving its financial state. Taking into account the worsening of the situation with the liquidity and solvency of the bank and the absence of owner support, the bank was put on the list of insolvent banks.

The Individuals' Deposit Guarantee Fund from February 20 to May 19 introduced temporary administration at bank Standard and prolonged its operation until June 18.

Bank Standard was registered in 2008. As of early January 2015, the bank did not have any shareholders who held more than 10% of shares in the bank.

In September 2014 Media Image LLC cut its stake in the charter capital of Standard Bank (both based in Kyiv) from 100% to 51%, and by December 2014 the company was no longer a shareholder.

Bank Standard ranked 88th among 158 operating banks as of January 1, 2015, in terms of total assets worth UAH 1.181 billion, according to the NBU.