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National Bank revokes banking licenses of Apeks-Bank, Industrial and Financial Bank

The licenses are revoked due to voluntary termination of banking services
17:31, 28 December 2017

National Bank of Ukraine

The National Bank of Ukraine has revoked the banking licenses of Apeks-Bank (Kyiv) and the Industrial and Financial Bank (Kremenchuk) under the procedure of voluntary termination of banking services. The regulator announced this on its official website, Interfax-Ukraine reports.

“The National Bank of Ukraine, by decisions of the board #827-RSh and #829-RSh of 26 December 2017, revoked the banking and general licenses for currency transactions from PJSC Apeks-Bank and OJSC Industrial and Financial Bank respectively. These banks have decided to voluntarily terminate their banking activities without dissolution of their companies,” the report states.

Related: NBU simplifies forex trading for banks, IFIs

Deputy Chairman of the National Bank Yekateryna Rozhkova said the regulator regards the banks’ decision to terminate their banking services as a balanced and well-thought judgement, which reveals that the shareholders of these banks have carefully assessed the market situation and their own capabilities of choosing and implementing the bank’s business model.

Related: Moody’s upgrades rating of six Ukrainian banks

“The existence of a viable business model, the willingness and ability of shareholders to maintain financial stability is the ultimate key to success of any banking organization. The possibility of painless transformation into a non-banking financial or a non-financial organization not only minimizes the risks to customers and creditors, but also provides a valuable opportunity for shareholders to reorient themselves to other activities that turn out to be more effective to them and appropriate from the regulator’s viewpoint,” she explained.

Related: There will be fewer Ukrainian banks in 2018, - Rashkovan

As reported earlier, NBU's former Deputy Chairman Volodymyr Rashkovan expects the total number of banks operating in Ukraine to drop to 70-78 institutions in 2018. 

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