The National Bank of Ukraine (NBU) has decided to liquidate Bank Nadra (Kyiv), the regulator said on its website.

"Continuing the started procedure to remove insolvent public joint-stock company Bank Nadra from the market, the NBU decided to revoke the banking license of the bank and liquidate it on June 4, 2015," reads the report.

According to the report, in August 2014 the NBU decided to put the bank on the list of troubled banks and set the term for the bank to take measures to bring its operation in line with Ukrainian law.

The regulator said that the results of monitoring the bank showed the problems appeared due to the risky operations of shareholders and the bank's top managers headed by Ihor Hylenko during the financial turmoil of 2008-2009. The decision to remove the bank from the temporary administration in 2011 was made too early: the bank continued operating without enough capital and it was not able to resist a liquidity crisis in 2014-2015. The shareholders and top managers of Bank Nadra did not propose effective measures to increase the bank's capital to the required level to support its solvency.

The NBU on February 5, 2015 put Bank Nadra to the list of insolvent bank, while the Individuals' Deposit Guarantee Fund introduced temporary administration from February 6 to May 5 and then extended it until June 5.

The regulator said that the total sum of the possible refunding of funds to depositors of Bank Nadra as of May 1, 2015 was UAH 3.8 billion. 99% of depositors had deposits within the guaranteed sum of UAH 200,000. Depositors received UAH 2 billion during temporary administration, and the rest of the payments will be settled in the near future.

Bank Nadra was founded in 1993. It is part of Group DF, owned by Dmytro Firtash.

The bank ranked 11th among 158 banks operating in the country as of January 1, 2015 in terms of total assets (UAH 35.878 billion), according to the NBU.