The Antimonopoly Committee of Ukraine (AMCU) has approved the merger of Kyiv Bank with Ukrgasbank.

UkrgasbankThe Antimonopoly Committee of Ukraine (AMCU) has approved the merger of Kyiv Bank's liabilities and assets with state-owned Ukrgasbank, UNIAN news agency reported.

 

As a reminder, on February 24, the NBU declared Bank Kyiv insolvent. Following this, the Deposit Guarantee Fund appointed a temporary administration until May 24, 2015, to conduct an inventory and assess the bank's assets and liabilities.

 

Bank Kyiv was founded in 1993, and by 2009, a temporary administration was already in place. In 2014, Bank Kyiv posted a net loss of UAH 747 million. Following a recapitalization, the Ministry of Finance of Ukraine became the owner of 99,93% of Bank Kyiv's shares. As of January 1, 2015, Bank Kyiv ranked 67th by assets, with UAH 1 billion 485 million among 163 operating banks in Ukraine.

 

 

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