Economy

BM Bank shareholder approves termination of bank's activities

The only shareholder of BM Bank (Kyiv), VTB Bank (Russia), has approved the termination of banking activities by the financial institution with the retention of a legal entity.

According to the website of BM Bank, the corresponding decision was made by the shareholder at a general meeting on March 19.

The bank noted that earlier its sole shareholder had adopted a strategy to optimize the presence in Ukraine and within the framework of the strategy implementation and in accordance with the law on simplification of bank reorganization and capitalization procedures, a plan was developed to terminate the bank's activities.

BM Bank plans to fully fulfill its obligations related to banking activities and, first of all, to clients, within the period set by legislation - up to 180 days from the date of agreement with the National Bank (NBU).

In September 2018 BM Bank plans to file a petition with the NBU to revoke the banking license.

Plans for the future activities of BM Bank as a legal entity have not yet been made public.

BM Bank was founded in 2005. VTB got control over it after buying Russia's Bank of Moscow.

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