The National Bank of Ukraine (NBU) has placed public joint-stock company Smartbank (Kyiv) to the list of insolvent banks. This is linked to the non-transparent ownership structure of the bank, the central bank has said on its website.

The decision of the NBU board was made on May 24, 2016.

The NBU said that since May 2014 the regulator has paid attention of the bank and its shareholders to the non-transparency of its ownership structure.

"After several attempts to agree the acquisition of a large stake in the bank using various ways in 2015 and 2016 its ownership structure has not been brought in line with the NBU transparency rules," the regulator said.

The NBU said that Smartbank changed majority holders without consent of the NBU. The central bank punished the bank for this.

The central bank said that Smartbank is the third bank placed on the list of insolvent banks in connection to non-transparency of ownership structure.

The bank has deposits of less than 100 individuals. The burden on the Individuals' Deposit Guarantee Fund would not exceed UAH 100,000.

Asito Kapital in April 2015 acquired 99% of shares in Star-Polis insurance company that holds 40% of the bank.

Smartbank was registered in 2010.

The bank ranked 66th among 109 operating banks as of April 1, 2016, with total assets worth UAH 460.664 million, according to the NBU.