Zlatobank, reviews with a good touch about which it is now difficult to find due to its bankruptcy, began its history in 2008. He specialized in providing financial services to individuals and legal entities. In its prime, the financial institution was a member of the Association of Ukrainian Banks, acted as a full member of the SWIFT system. In accordance with the size of regulatory capital and assets, the institution belonged to the second group of banks.
Shareholders and latest reporting
The shareholders of the financial institution Zlatobank, reviews of which are filled with indignation due to the impossibility of the latter to fulfill their financial obligations, are Avangard-Expo LLC (97.94% of the shares) and Agrobudconsulting LLC (2.6% of the shares).
The bankās financial indicators for the first quarter of 2015 clearly show that the financial institution not only has liquidity problems, it is completely insolvent. Net profit of the bank for the last reporting period amounted to -2,484,474 hryvnias. The equity capital of the institution corresponded to -1 973 642 UAH., While the size of the assets was equal to 5 877 985 UAH. Here you can mention the amount of debt obligations, which today are 7 851 628 UAH.
First complaints
The first reviews of Zlatobank in a negative way began to appear closer to the middle of autumn 2014. Massively poured reports that the bank violates the terms of deposit agreements. Initially, information was received about the delay in payments and the refusal to return dollar deposits.
A little later, information was circulated from depositors that the bank had completely stopped issuing funds. Dissatisfied people could not take their money, while the bank employees and approximately could not talk about what is happening in the framework of a financial institution. At Zlatobank, reviews with indignation of the customers rained down. People talked about stopping the service of accounts, about failures in the transfer of funds and about long delays in calculating wages and pensions.
Temporary administration and attempts to rectify the situation
After a huge number of dissatisfied reviews from the population of the NBU on February 14 appoints an interim administration. The leading specialist in matters of resolving the insolvency of banks of the Federal State Financial Fund is Slavinsky Valery. The interim administration functioned from February 14 to May 13, 2015 inclusive.
The official decision that the financial institution āZlatobankā, reviews of which in the periods of lack of liquidity problems were only good, was insolvent, was issued by NBU resolution No. 105 of February 13. By the time the interim administration was introduced, the assets of the institution were equivalent to 7.8 billion hryvnias, which provided 28th position among the country's banks.
What became the prerequisite for the introduction of interim administration?
About the institution āZlatobankā feedback from employees and customers has always been positive. Formally, the reason for the introduction of the provisional administration was not only indignation on the part of deceived customers, but also risky operations for depositors that were carried out on February 12, despite a strict ban on the part of the regulator. The beginning of difficulties and the first malfunctions were recorded in early August. Despite the fact that at that time complaints from customers were very rare, there were already problems with liquidity. This led to the decision of the NBU on August 19 to introduce a curator into the structure of the financial institution.
Bank recognition as problematic
The first assumptions that Zlatobank was closing began to appear in early December. This is due to the fact that despite the introduction of a curator, the financial situation in the institution continued to deteriorate. On December 4, 2014, a financial institution received an official status of a problem, and it was during this period that all of the organizationās clients experienced difficulties on themselves.
The regulator put forward a requirement to shareholders to improve the asset, but the measures taken by the financial institution did not include actions aimed at improving the situation. Moreover, even the plan that was presented by the financial institution for the recovery of the latter was never implemented. Despite the current situation, the pension fund of Ukraine officially announced on January 30 that it was extending the contract with the financial company until April 1.
Closed due to insolvency
On February 13, 2015, the Guaranteed Deposits Fund received an official statement that Zlatobank was closing. In accordance with the data provided by the department, at the time of closing, about 115 thousand deposits were issued at the financial institution, the total volume of which amounted to 4.2 billion hryvnias. About 97.4% of depositors came under state guarantee obligations .
The owners of the bank were Elena and Olga Yakimenko (mother and daughter). Some unofficial sources attribute Leonid Yurushev to a relationship with the bank, as this is evidenced by the events that took place on the eve of the opening of Zlatobank. At that time, Yurushev was selling the Forum bank to the Germans, in which Elena Yakimenko was the top manager. As a result of the fact that Zlatobank could not solve the liquidity problems, it officially became the sixth bank in Ukraine in 2015, which was closed by insolvency.
What attempts have been made to keep the institution afloat?
The Guaranteed Deposits Fund, before March 2, was accepting documentation from potential investors, which could confirm their qualifications. The fund was actively seeking people who could bring a financial institution out of the market in one of three ways:
- Partial or complex disposal of assets with bank liabilities towards the host financial institution.
- Formation and sale to a third party of a transitional bank in combination with all assets and liabilities.
- Integrated sale of the bank.
Due to the fact that the process was unsuccessful until March 2, the procedure was officially extended to the 13th. According to the FGVFL estimates, the amount of possible loss compensation is equal to 925.47 million hryvnias. Moreover, the amount of funds as of February 14, not only on deposit accounts, but also on simple accounts amounted to 3.622 billion hryvnias.
With what obligations has the bank resigned?
The mass panic among customers began when reviews from dissatisfied customers fell on Zlatobank. They donāt give deposits, they donāt answer questions, they donāt devote them to a further plan of action, they donāt service accounts - this is far from all that could be found in the comments. The avalanche of indignation is explained by the fact that by the first of January 2015, even before the second devaluation of the hryvnia, the amount of deposits was equal to 3.2 billion hryvnias. More than 81% of deposits at that time were issued in foreign currency. As mentioned above, the number of depositors reached 115 thousand, but not everyone could count on payments. Only 112 thousand customers whose deposits do not exceed 200 thousand hryvnias can expect compensation.
The structure of uncompensated deposits included bank metal deposits, the total amount of which amounted to 600 million hryvnia. At the NBU rate, we are talking about no less than 591 kilograms of precious metal. The financial institution accepted metal deposits of 50 grams at 3% per annum, which, in accordance with the law, are not subject to the state insurance system. If you believe what reviews said about the establishment of Zlatobank, deposits of this category were the most attractive in the Ukrainian financial market.
Revocation of a banking license and liquidation
Establishment "Zlatobank" financial problems are very serious. This can be judged by the decision of the NBU under No. 310 of May 12 on the revocation of a license from a financial institution. Moreover, a decision was made to begin the liquidation process.
The author of the resolution was the Directorate of the Guaranteed Deposits Fund, and the position of the liquidator was entrusted to Valery Slavinsky, who will hold office for one year, until May 1, 2016 inclusive. The indirect control of the financial institution is still owned by Elena Yakimenko.
Beginning of compensation payments to affected depositors
After a huge number of statements that Zlatobank does not issue deposits, its depositors can finally relax. From May 20, 2015, payments began to be made to customers through Oschadbank branches. Information is available on the official website of the Guaranteed Deposits Fund that payments will be made before July 1, 2015. If for some reason the bankās depositors do not contact one of the fundās agent banks before July 1, they will be paid out upon consideration of individual written applications to the FGVFL until the record of the liquidation of the financial institution is officially entered to the Unified Register of Legal Entities of the State Level.
Starting May 20, compensation payments are made to depositors through the financial institution Standard, but only under contracts whose validity terminated before April 29, 2015. Payments are continuing to plastic card holders and bank account holders. Cash can also be obtained through Ukreximbank branches. When contacting one of the affiliates of the fundās partners, you should have a passport and a document proving the assignment of the registration number of the tax payer's registration card. Payments are now successfully carried out taking into account all percentages, up to the moment the NBU makes a decision to declare a financial institution insolvent. Compensations are not available only to those investors (about 3 thousand customers), the deposit amount of which exceeds 200 thousand hryvnia.