The executive directorate of the Individuals' Deposit Guarantee Fund on September 18, 2015 decided to start the liquidation procedure of bank Stolychny (Sumy), the fund has said on its website.

According to the fund, the procedure will last from September 21, 2015 to September 20 2017.

Volodymyr Kukharev has been appointed as the liquidator of the bank.

Information on the start of deposit payments and on the bank-agent will be published at a later date.

As reported, the National Bank of Ukraine (NBU) on July 9 classified bank Stolychny (Sumy) as insolvent. The Individuals' Deposit Guarantee Fund introduced temporary administration at the bank on July 10.

Bank Stolychny (previously Bonus-bank) was founded in 1993. As of March 8, 2015, its largest shareholders were Serhiy Tkachenko (49.2835%), Yevhen Antipenko (14.1568%) and Liudmyla Karvatska (7.9294%).

The bank ranked 93rd among 133 operating banks as of April 1, 2015, in terms of total assets worth UAH 601.511 million, according to the NBU.