National Bank of Ukraine Declares Smartbank PJSC Insolvent due to Its Non-transparent Ownership Structure
OREANDA-NEWS. The National Bank of Ukraine Board adopted a decision to declare Smartbank PUBLIC JOINT STOCK COMPANY insolvent due to its non-transparent ownership structure. NBU Board Decision No.20/BТ, dated 24 May 2016, has been issued to this effect.
Since May 2014, the NBU has repeatedly notified Smartbank PJSC that its ownership structure fails to comply with transparency requirements.
Following several unsuccessful attempts by different individuals to secure the approval of the acquisition of a qualifying holding in a bank in 2015-2016, Smartbank PJSC’s ownership structure was never brought into compliance with transparency requirements set by the regulator.
It should be noted that Smartbank PJSC has replaced its qualifying shareholder several times without the prior approval by the NBU. The regulator has taken enforcement measures against the Bank’s qualifying shareholders for the violation of applicable laws.
Smartbank PJSC became the third bank to be declared insolvent due to its non-transparent ownership structure.
Deposits of less than 100 individuals were placed with this bank. The financial burden on the Deposit Guarantee Fund will not exceed UAH 100,000.