13:45 08.06.2022

Megabank's receipts in correspondent account since start of war reach UAH 1.2 bln

2 min read

KYIV. June 8 (Interfax-Ukraine) – From the beginning of the war until the middle of May, receipts to the correspondent account of Megabank (Kharkiv) amounted to UAH 1.2 billion, Head of the Supervisory Board, Board Chairman of Megabank (2015-2021)  Oleksiy Yatsenko has said.

"As for the bank's liquidity, there is a lot of speculation on this topic. As of February 24, the balance on the correspondent account amounted to UAH 820 million. This amount is 2.5 times higher than the required reserve ratio... Megabank was working with the liquidity reserve, which was for the period of more than two months at the beginning of the war. We were settling all transactions... By mid-May, more than UAH 2 billion in payments was settled with the UAH 820 million account. There was almost UAH 1.2 billion in receipts throughout the entire period," he said at a press conference at Interfax-Ukraine on Wednesday.

According to him, by the middle of May, the correspondent account was almost zero and there were delays in making payments. However, by the middle of May, funds entered the accounts of customers and the bank made all payments until the decision on insolvency was made.

"On the date of the decision on insolvency ... it was announced that the outstanding payments were in the amount of UAH 30 million. However, the correspondent account of the bank on that day had approximately the same amount. If Megabank had not the blocked correspondent account, by the end of the day these the funds would also have been transferred," the banker added.

As reported, on June 2, the National Bank of Ukraine decided to declare Megabank insolvent.

According to the NBU, the main shareholders of the financial institution as of January 1, 2022 were Viktor Subbotin with 60.74% (direct and indirect participation), the European Bank for Reconstruction and Development (EBRD) with 11.3%, the German development bank KfW with 11.3% , Maksym Efimov with 9.8%, Olena Subbotina with 7.8% and the International Finance Corporation (IFC) with 4.5%.

According to the NBU, as of March 1, 2022, Megabank ranked 24th in terms of assets (UAH 11.193 billion) among 69 operating Ukrainian banks.