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Ukrainian regulator revokes license of VTB Bank's local unit

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Ukrainian regulator revokes license of VTB Bank's local unit

The Ukrainian central bank withdrew the license of VTB Bank PJSC's local unit JSC VTB BANK and liquidated the lender at the request of the country's deposit guarantee fund.

The deposit guarantee fund launched a tender in December to withdraw VTB Bank Ukraine from the market after the bank was declared insolvent in November. Several local lenders showed interest in participating in the tender, but JSC Taskombank turned out to be the only contender. However, the fund rejected its bid, Kommersant reported Dec. 19.

Taskombank's evaluation of VTB Bank's assets took into account the legal risks associated with the September court decision, which blocked the assets of VTB Bank Ukraine and two other units of Russian state-owned banks, sources told the newspaper.

The Russian lenders appealed the September ruling, and the Ukrainian Supreme Court is scheduled to consider the appeal Dec. 20, Kommersant said.