The National Bank of Ukraine (NBU) said Monday that it agreed to pass a resolution that revokes the banking license of JSC Bank Golden Gate due to mounting debts and poor showing in assets and portfolios.

Bank Golden Gate will be liquidated and barred from all banking and foreign exchange practices as a result of the decision.

NBU Director General of Banking Supervision Alla Shuga said that management and owners of Bank Golden Gate had missed the opportunity to save themselves. The bank failed to meet requirements in order for the NBU to be able to support it. 

Bank Golden Gate had been under tight supervision since March as it became apparent that the bank was not able to repay individual deposit accounts.

The bank's inability to repay deposits was due to a poor credit portfolio that had come about from asset-side transactions with risks that would ultimately hurt the bank.