The Individuals' Deposit Guarantee Fund has introduced temporary administration at public joint-stock company Bank Cambio, the fund has reported on its website.

"Under resolution of the National Bank of Ukraine No. 782 of December 4, 2014 on putting Bank Cambio to the category of insolvent banks the executive directorate of the Individuals' Deposit Guarantee Fund made decision No. 140 of December 4, 2014 on the introduction of temporary administration to Bank Cambio, under which the temporary administration was introduced from December 5, 2014," reads the report.

The temporary administration was introduced to the bank for three months – until March 4, 2015.

Yuriy Bondar has been appointed temporary administrator.

Bank Cambio was founded in 2004. Its largest shareholders as of July 1, 2014 were Natalia Taradaiko (16.8554%) and Andriy Chebanenko (28.1739%). However, it was announced in September that one individual reduced their stake in the bank to 9.63% from 28.174%, while another’s increased to 24.521% from 16.855%.

Bank Cambio ranked 67th in terms of total assets (UAH 2.423 billion) among the 173 financial institutions operating in the country as of July 1, 2014, according to the National Bank of Ukraine.