The National Bank of Ukraine (NBU) under a proposal of the Deposit Guarantee Fund has decided to annul the banking license of Eurobank (Kyiv) and liquidate it, the regulator has reported on its website on Wednesday.

Decision No. 215-rsh was made on August 16, 2016.

Earlier the fund expanded temporary administration at insolvent Eurobank until August 16, 2016.

On June 17 the Individual Deposit Guarantee Fund on the basis of the decision of the National Bank of Ukraine on declaring Eurobank insolvent introduced temporary administration in the financial institution. Administration was introduced for one month - until July 16 inclusive.

On June 17, the NBU declared Eurobank insolvent.

Bolat Nazarbayev, who on May 18 was permitted to buy 50% of the bank, has not become the shareholder.

The curator at Eurobank revealed transactions aimed at splitting deposits to accounts having under UAH 200,000 at the bank.

Due to a loss of liquidity the bank has stopped settling client transactions on time.

The regulator said that 98% of depositors (8,000) will receive their deposits in full.

The sum to be refunded as of June 15, 2015 totaled some UAH 217 million.

Early May Nazarbayev informed about his plans to acquire 63.335 million shares or 50% of the share capital of the Ukrainian bank. In addition, Gulmira Sarsembayeva sought to buy 50% of shares in Eurobank.

According to the NBU, as of May 20, 2016, 50% of shares in the bank belonged to Finance Analit Service LLC with the ultimate beneficiary Oleksandr Adarych. Other 50% indirectly via Marketing Technologies consulting firm LLC belonged to Vadym Pushkarev.

Eurobank was founded in 2005. Its assets as of April 1, 2016, were estimated at UAH 1.728 billion, which ranked the bank rank 47th among 109 operating banks, according to the NBU.