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National Bank of Ukraine declares Fortuna-Bank JSC insolvent

National Bank of Ukraine has declared Fortuna-Bank JSC insolvent, saying it did not succeed in its recapitalization efforts.

The central bank said 91% of customers will be reimbursed in full, as their deposits fall within the limit covered by the Deposit Guarantee Fund. Larger deposits will be compensated up to the limit guaranteed by the fund, which will pay a total of some 96 million Ukrainian hryvnia in compensation to eligible customers.

As of Jan. 27, US$1 was equivalent to 27.19 Ukrainian hryvnia.