The National Bank of Ukraine (NBU) has placed bank Arcada (Kyiv), which as of July 1, 2020 in terms of total assets ranked 45th (UAH 1.902 billion) among 75 operating banks in the country, on the list of insolvent banks, the press service of the central bank said on Tuesday.

The decision was approved by NBU Board No. 541-rsh/BT dated August 25, 2020.

"The Board of the National Bank has decided to classify JSC commercial bank Arkada as insolvent due to the reduction of capital ratios to less than one third of the minimum established level. The decision was made in order to protect the interests of depositors and creditors of the bank," the NBU said in the statement.