The Individuals' Deposit Guarantee Fund on April 23 started payment to depositors of Profin Bank via Alfa-Bank (Kyiv), which acts as a bank-agent of the fund.

According to a posting on the fund's website, payments will be settled until June 8.

The payments to depositors who will not be able to come to Ukrinbank before April 17 will be settled on the basis of their personal applications before the day when the record on the liquidation of the bank as a legal entity is put on the state register of companies.

As reported, the fund on April 20 decided to start the liquidation procedure for Profin Bank.

As reported, while effecting supervision over that bank's activity, the NBU identified risky activity by the bank, which let to multiple measures being taken by the regulator against the bank, including fines for violations of financial monitoring legislation. In connection with this, on January 19, 2015, the bank was designated as insolvent, and interim administration was introduced from January 20 to April 19, 2015.

Profin, or Professional Financing Bank (formerly Icarus Bank), was founded in 1989. Its largest shareholder as of July 1, 2014 was Cyprus–based Xeronia Limited with 98.8406%.

The bank ranked 120th among 158 operating banks as of January 1, 2015, in terms of total assets, which are worth UAH 527.718 million, according to the National Bank of Ukraine.