Ukraine again performs bank liquidation: what about depositors’ money

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National Bank of Ukraine decided to separate Profin Bank five years ago

Another bank is being liquidated in Ukraine: what happens to depositors’ money. Photo: Spanish News Forum

The Deposit Guarantee Fund for Individuals (FGVFL) has submitted documents for state registration of termination as the legal entity of PJSC Profine Bank.

The Guarantee Fund is also completing the payment of the guaranteed amount of reimbursement of funds on the day the documents are submitted for entry into the bank’s register of liquidation as a legal entity. Thus, on 21 April 2020, the payment of the guaranteed amount of reimbursement to the depositors of Profin Bank PJSC was fully completed.

As part of the payment of compensation guaranteed by investors, Profin Bank PJSC received $ 36.7 million, which is 94.5% of the total guaranteed amount.

ProFin Bank (formerly Ikar Bank) was established in 1989. The largest shareholder of the bank was Xeronia Limited (Cyprus, 98.8406%). In 2014, ProFin Bank ranked 146th in terms of total assets (UAH 488,054 million) among the 181 banks operating in the country. In 2015 the National Bank of Ukraine decided to separate Profin Bank.

Summary PAYSPACE magazine

Recall that from the beginning of April, the state PrivatBank introduced a special surcharge for its employees for the quarantine period. It is noted that allowances will be received by employees who work with customers in branches, provide cash turnover and are responsible for the smooth operation of terminals and ATMs.

In addition, during the quarantine period, the bank increased the remuneration of scavengers and security guards of all branches of the bank. PrivatBank previously announced new “flexible” work programs for branches due to the onset of emergency in Ukraine.

Read: How quarantine affected banking services in Ukraine – Stats.


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