The National Bank of Ukraine (NBU) has declared VTB Bank (Kyiv) insolvent, according to the website of the central bank.

The corresponding decision was approved by NBU Board resolution No. 796-rsh/BT dated November 27, 2018.

"Due to the decrease in liquidity of JSC VTB Bank and the subsequent deterioration of its financial state during the last month, the NBU on November 13, 2018 declared VTB Bank insolvent. At the same time, the deadline was set for the financial institution to carry out activities to bring its operations in compliance with the requirements of the legislation. Due to the VTB Bank owners' failure to take real steps to prevent insolvency, as well as due to a lack of adopted and realistic measures to improve liquidity, the NBU on November 27 decided to recognize VTB Bank insolvent," the report says.