The Deposit Guarantee Fund for Individuals reports that liquidation of three more commercial banks in Ukraine may begin soon. The previously imposed temporary administrations at Porto-Franco, Axioma, and Demark banks have expired. Given their insolvency, the Fund has approached the National Bank of Ukraine (NBU) with a proposal to completely liquidate them.
Porto-Franco Bank, founded in 1991, boasts a motto based in Odessa, "Traditions. Reliability. Movement." However, it failed to meet the expectations of its clients, most of whom were Ukrainian sailors. Its largest shareholder as of April 1, 2014, was Myroslav Shkolenko (83,4314%). According to the National Bank of Ukraine (NBU), as of July 1, 2014, the bank ranked eighty-sixth out of 173 operating Ukrainian banks by total assets, with assets of UAH 1 billion 427 million.
Chernihiv bank "Demark" was founded in 1992. As of July 1, 2014, its largest shareholder was Fininvest LLC (49,76%), occupying seventy-fourth place with assets of 2 billion 117 million UAH.
Axiom Bank was founded in 2006 in Dnipropetrovsk. Its largest shareholders as of October 2014 were Rodonit-Finance LLC (24,8778% owned by Tatyana Chetverik), Aladov-Dnepr LLC (24,9753% owned by Oleg Reznikov), and Kars-Kommerts LLC (24,9696% owned by Vasyl Gusev). Axiom was ranked 100th by assets, with UAH 1 billion 36 million.
Let us remind you that after the decision to revoke the banks' licenses, the liquidation process will last a year.
Thus, as of early January 2015, 20 commercial financial institutions have been liquidated in Ukraine. Another 15 financial institutions are being "resuscitated" by the NBU and the Deposit Guarantee Fund.
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