The Individual Deposit Guarantee Fund has introduced temporary administration to insolvent Smartbank (Kyiv) for one month from May 25 to June 24, 2016 inclusively, the fund has reported on its website.

Andriy Fedorchenko has been appointed temporary administrator.

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

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.