The business court of Kyiv has banned the National Bank of Ukraine (NBU) from liquidating Ukrgazprombank.

"The Individuals' Deposit Guarantee Fund and National Bank of Ukraine are banned from making the decision to liquidate public joint-stock company Ukrgazprombank and/or revoke its banking license," reads the court ruling of September 14 under a claim of Primestar Energy FZE (the United Arab Emirates).

As reported, the Individuals' Deposit Guarantee Fund after an open tender among qualified investors on August 7 signed an agreement on the purchase and sale of 100% of the shares in Ukrgazprombank with Primestar Energy FZE.

The new owner was to restore the solvency of the bank within one month from the signing of the agreement. However, on September 14, the NBU decided to remove the bank's license and liquidate it, as the new shareholder has not capitalized the bank in the term defined in the agreement.

Ukrgazprombank was founded in 1996. Ukrgazprombank ranked 81st among 158 banks operating in the country on January 1, 2015 by total assets (UAH 1.369 billion), according to the NBU.