The Individuals' Deposit Guarantee Fund has extended the liquidation of National Bank for Development (VBR) for two years, until December 24 2019, and that of Bank Nadra for two years, until June 3, 2020, the fund reported on its website.

According to the report, the powers of VBR's liquidator Serhiy Mykhno and Bank Nadra's liquidator Iryna Striukova were extended for the corresponding period.

As reported, temporary administration was introduced in VBR from November 28, 2014, while the procedure of liquidation started on December 23, 2015.

According to the fund, the estimated value of the liquidation estate of VBR is UAH 6.1 billion. The value of the liquidation estate, excluding revaluation and reserves, is UAH 8.72 billion.

VBR was declared insolvent in connection with the application of EU sanctions against its shareholder.

VBR was registered in 2009. It is part of MAKO company. The owner of the bank is the son of the former president of Ukraine, Oleksandr Yanukovych.

As reported, the NBU, continuing the withdrawal of insolvent Bank Nadra from the market, on June 4, 2015 decided to revoke its banking license and liquidate the bank.