The Individuals’ Deposit Guarantee Fund on the basis of the decision of the National Bank of Ukraine (NBU) dated April 7, on declaring Finbank (Odessa) insolvent on April 10, introduced temporary administration in the financial institution for one month, the fund said on its website.
Viktoria Stepanets has been appointed temporary administrator of the bank.
The National Bank noted that following the results of examination of Finbank, held on April 1, 2016 the NBU board in October 2016 approved the necessary amount of capitalization for the financial institution. Finbank, in turn, submitted a program of capitalization to the regulator.
However, as of April 1, these measures had not been implemented. (Interfax-Ukraine/Business World Magazine)
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