The National Bank of Ukraine (NBU) on September 18 decided to revoke the banking license of insolvent bank Stolychny (Sumy) and liquidate it, the regulator has said on its website.

"Taking into account the fact that the bank has not taken proper measures to remove violations of the NBU's legal acts, the bank's inability to fulfill the claims of creditors, the financial state of the bank and violation of banking laws, the NBU board on July 9 placed the bank in the category of insolvent banks, and on September 18, after discussing the proposal of the Individuals' Deposit Guarantee Fund, it was decided to issue resolution No. 614 on the liquidation of the bank," the NBU said.

As reported, the NBU on July 9 classified bank Stolychny (Sumy) as insolvent. The Individuals' Deposit Guarantee Fund introduced temporary administration at the bank on July 10.

Bank Stolychny (earlier Bonus-bank) was founded in 1993. As of March 8, 2015, its largest shareholders were Serhiy Tkachenko (49.2835%), Yevhen Antipenko (14.1568%) and Liudmyla Karvatska (7.9294%).

The bank ranked 93rd among 133 operating banks as of April 1, 2015, in terms of total assets worth UAH 601.511 million, according to the NBU.