The Deposit Guarantee Fund has announced the completion of the liquidation process of JSC “AKB Concord” and the preparation to cease payments of guaranteed amounts to the depositors of this bank.
This is reported by Finway
Depositors Have a Limited Time to Withdraw Funds
The Deposit Guarantee Fund clarified that depositors of JSC “AKB Concord” have no less than 30 days from February 2 to apply for the guaranteed amounts. After this period, the liquidation balance of the bank will be approved, and all payments to depositors will be halted.
“The Fund informs about the upcoming approval of the liquidation balance of JSC ‘AKB Concord’ and the commencement of the procedure to cease payments of the guaranteed compensation amounts to the depositors of JSC ‘AKB Concord’. Therefore, we urge depositors of JSC ‘AKB Concord’ who have not yet received compensation for their deposits to contact the Fund’s agent banks for the guaranteed amount (a complete list of such banks is available at the link. – Ed.)”
Reasons for Liquidation and Impact on the Banking Sector
In the summer of 2023, the National Bank of Ukraine decided to revoke the banking license of “Concord” and initiated its liquidation process. Additionally, the bank was fined 400,000 hryvnias for violating legislative requirements.
According to the NBU, the grounds for liquidation were systematic violations of legislation in the area of preventing the legalization of proceeds from crime, financing terrorism, and the proliferation of weapons of mass destruction.
The regulator emphasized that the revocation of the license and the liquidation of JSC “AKB Concord” will not have a significant impact on the stability of Ukraine’s banking system, as the share of this bank in the assets of all solvent banks was only 0.17%.