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Deposit Guarantee Fund completes liquidation of Bank Financial Initiative
KYIV. Sept 22 (Interfax-Ukraine) – The Deposit Guarantee Fund has completed the liquidation of OJSC Financial Initiative (Kyiv).
According to a report on the fund’s website on Wednesday, in accordance with Articles 28 and 53 of the law on the household deposits guarantee system, the Fund stops paying guaranteed amounts of reimbursement of funds on deposits on the day of approval of the bank’s liquidation balance sheet. From the moment the liquidation balance sheet is approved, the bank’s liquidation procedure is considered complete.
As part of the payment of guaranteed compensation, the bank’s depositors received UAH 3.763 billion, which is 96.3% of the total guaranteed amount.
As reported, the National Bank of Ukraine in June 2015 classified Bank Financial Initiative as insolvent.
The bank was founded in 2005. Its 100% beneficiary as of March 2015 through Quickcom Limited and Invest-Service LLC was Oleh Bakhmatiuk.
According to the NBU, as of April 1, 2015, Bank Financial Initiative ranked 16th in terms of assets (UAH 19.18 billion) among 133 Ukrainian banks.
