The National Bank of Ukraine (NBU) has reported that as of November 1, the market share of "Kominvestbank" accounted for 0.04% of all assets of solvent banks.
"Consequently, the classification of JSC 'Kominvestbank' as insolvent will not impact the stability of Ukraine's banking sector. This decision was made due to the failure of JSC 'Kominvestbank' to align its operations with legal requirements, including the regulations set by the National Bank," the release noted.
According to the statement, in August, the regulator recognized the bank as problematic due to its engagement in "risky activities" that posed a threat to the interests of depositors, specifically citing inadequate internal control systems, insufficient bank income, and the systematic submission of inaccurate reporting.
However, since then, "Kominvestbank" has not ceased its activities and has consistently "provided and published misleading information and reports to conceal its true financial status." The management and significant shareholders have not taken appropriate measures to prevent the bank from being classified as insolvent, the NBU stated.
Depositors of the bank will receive full reimbursement of their deposits from the Deposit Guarantee Fund, including interest accrued as of the end of the day preceding the start of the bank's market exit procedure, the NBU reported.
The total potential payout amount is 432 million UAH. The volume of the bank's highly liquid assets, including bonds and deposit certificates, is 890 million UAH.