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Ukrainian central bank deems Investbank insolvent

The National Bank of Ukraine decided to declare PAT KB Investbank insolvent after its shareholders failed to increase the lender's capital to the level of 120 million Ukrainian hryvnia as required by the regulator.

The central bank noted that 98% of the lender's deposit holders will be reimbursed in full as their deposits fall under the 200,000 hryvnia limit covered by the Deposit Guarantee Fund.

As of June 7, the lender's qualifying shareholders were Ukrainian businessman Oleksii Kotkovkyi, with a 41.25% stake, Oleksandr Nezvinkyi, with a 19.96% stake, Tamara Nezvinska, with a 2.35% stake, and Bab-Invest LLC. Delo.ua reported in November that Austrian investment banker Uwe Eschner was looking to acquire a qualifying holding in the bank.

As of Dec. 16, US$1 was equivalent to 26.24 Ukrainian hryvnia.