The National Bank of Ukraine (NBU) on August 5, 2015 permitted Primestar Energy FZE (the UAE) to acquire a significant stake in insolvent PJSC Ukrgazprombank (Kyiv), according to the website of the regulator.

According to the report, the sole shareholder of Primestar Energy FZE is Indian citizen and resident of the United Arab Emirates Hameed Syed Salahuddin. Thus, after a deal on the acquisition of shares in Ukrgazprombank is completed he will become the only ultimate owner.

The regulator said before the agreement it carried out the identification of the company and its shareholder, checked their business reputation and financial state, which were sufficient for the purchase of the Ukrainian bank.

The regulator noted that on June 12, 2015 the regulation on the registration and licensing of banks was amended, due to which requirements for investors in insolvent banks were substantially increased.