The National Bank of Ukraine has announced the bankruptcy of two state banks — PINBank (“First Investment Bank”) and Motor-Bank, which was owned by sanctioned businessman Vyacheslav Boguslaev prior to nationalization.
This is reported by Finway
On February 19, 2026, the NBU made two separate decisions to withdraw these financial institutions from the market. At the same time, the banking system of Ukraine will remain stable — each of these institutions accounted for only 0.01% of the assets of all solvent banks, so they were not systemically important.
Reasons for Recognizing the Banks as Insolvent
Motor-Bank and PINBank were recognized as problematic back on December 16, 2025. The main reason was that both institutions had been engaged in risky activities for a long time, leading to violations of the minimum regulatory capital requirement of 200 million UAH. Despite this, the banks continued to operate at a loss, failing to meet capital standards.
As of February 19, 2026, the regulatory capital indicators were:
- Motor-Bank — 173 million UAH;
- PINBank — 73 million UAH.
Compensation for Depositors
According to Ukrainian legislation, depositors of both banks will receive full compensation for their deposits, including accrued interest, through the Deposit Guarantee Fund (DGF). Payments will be made based on the balance in their accounts as of the end of the day on February 18, 2026 — the day before the banks were withdrawn from the market.
Each depositor of Motor-Bank and PINBank will receive full compensation for their deposit, including accrued interest, from the Deposit Guarantee Fund (DGF) as of the end of the day preceding the start of the withdrawal procedure for these financial institutions from the market
Details of the Nationalization of Motor-Bank and PINBank
Motor-Bank became state-owned in 2024 when the High Anti-Corruption Court transferred it to the management of the State Property Fund of Ukraine. After that, the bank became part of the country’s state banks. Prior to nationalization, the 87-year-old Vyacheslav Boguslaev, who is accused of treason for supplying aviation engines to the Russian Federation and financing terrorism, owned this bank. He is currently in custody with the right to post bail of 696.4 million UAH.
In March 2023, the president imposed sanctions on Boguslaev, and his assets, including Motor-Bank, were seized for the benefit of the state. The list of assets also included the companies “Golden Aster,” “Motor-Guarantee,” “Vinnytsia Aviation Plant,” “MSB Helicopters,” “Azov Trade-XXI,” shares in several enterprises, real estate, and funds in the accounts of Motor-Bank and other banks.
PINBank came under state control in January 2024, after which the state acquired 88.89% of its charter capital. Before that, the bank was controlled by Russian businessman Yevgeny Giner, who was sanctioned by the National Security and Defense Council in October 2022, and in February 2023, his shares were transferred to the state by court decision. At the same time, “Ukrposhta” expressed interest in acquiring the bank, which could pave the way for the establishment of the first postal bank in Ukraine and provide access to banking services for Ukrainians across the country.
