Deposit Guarantee Fund places bank Finance and Credit under temporary administration
The Individuals' Deposit Guarantee Fund has placed bank Finance and Credit, which is under the control of MP Kostiantyn Zhevaho, under temporary administration.
The bank was placed in the category of insolvent banks by the National Bank of Ukraine (NBU) on September 17.
"The decision to introduce temporary administration was made after the bank was declared insolvent, and the temporary administration started operating today [September 18]," the press service of the fund said.
Olena Cherniavska has been appointed as the authorized person of the fund for the duration of temporary administration, which will last for three months.
Cherniavska is deputy head of the department for accompanying banks' removal from the market of the department for settling the insolvency of banks at the Individuals' Deposit Guarantee Fund.
The NBU in resolution No. 612 of September 17 decided to place public joint-stock company Bank Finance and Credit in the category of insolvent banks.
Bank Finance and Credit was founded in 1990. The ultimate beneficiary of the bank is Ukrainian businessman and MP Kostiantyn Zhevaho, who is a majority shareholder and CEO of Ferrexpo, a major iron ore pellet producer and exporter.
Bank Finance and Credit ranked 10th among 127 operating banks in the country as of July 1, 2015, in terms of total assets worth UAH 38.882, according to the NBU. Its liabilities to individuals as of July 1, 2015 totaled UAH 16.98 billion, including UAH 11.61 billion pegged to foreign currency.