16:13 03.01.2020

PIB managed by Russia's VEB to hand over banking license – agenda of shareholders' meeting

2 min read
PIB managed by Russia's VEB to hand over banking license – agenda of shareholders' meeting

Shareholders of Prominvestbank (PIB, Kyiv), the owner of which is Russia's VEB, at a general meeting scheduled for February 6 will consider the issue of termination of banking operations without closing the legal entity.

According to the agenda of the meeting posted in the information disclosure system of the National Commission for Securities and the Stock Market, the bank's shareholders want to approve the plan on termination of bank operations.

PJSC Prominvestbank was founded in 1992. According to the National Bank of Ukraine, as of October 1, 2019, in terms of total assets (UAH 37.661 billion), it ranked 12th among 76 operating banks.

VEB became the owner of Prominvestbank in 2008 and holds 99.7726% of its shares. VEB estimates its investments in its development at $2.7 billion.

In recent months, PIB has steadily phased out its banking activities. In particular, in 2019, the financial institution reduced its branch network from 56 to one, closed the current accounts of private entrepreneurs, and ceased cooperation with Mastercard.

According to the National Bank's stress test report, at the beginning of 2019, Prominvestbank in the baseline scenario needed additional capital in the amount of UAH 4.605 billion, and under the adverse macroeconomic scenario – UAH 6.32 billion. As of September 1, the need for additional capital as a result of measures taken by the bank decreased to UAH 2.725 billion and UAH 3.961 billion, respectively.

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