The National Bank of Ukraine (NBU) released details on the liquidation of City Commerce Bank (CCB) last week after it revoked the bank's license.
The NBU declared the bank as a problem institution in May 2014 after it had failed to repay depositors. CCB also was found to be distorting reports on its financial performance.
The regulator said bank leadership failed to take appropriate action to save the bank. The NBU had communicated with CCB owners and directors on multiple occasions.
The bank was declared insolvent in line with Article 76 of the Ukrainian law on banks and banking practices, and to protect the depositors. With regard to the deposit guarantee laws, the Executive Directorate of the Household Deposit Guarantee Fund installed a provincial administration to settle the bank's affairs.