"Zlatobank": reviews. Is Zlatobank closing?

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

“Zlatobank”, reviews with a good shade about which it is now problematic to find due to its bankruptcy, began its history in 2008. He specialized in providing financial services to individuals and legal entities. In the heyday of its activities, the financial institution was a member of the Association of Ukrainian Banks, acted as a full-fledged member of the S. W. I. F. T. system. In accordance with the size of the regulatory capital and assets, the institution belonged to the second group of banks.

Shareholders and latest accounts

The shareholders of the financial institution "Zlatobank", reviews of which are filled with indignation due to the latter's inability to fulfill its financial obligations, are Avangard-Expo LLC (97.94% of shares) and Agrobudconsulting LLC (2, 6 % shares).

The financial performance of the bank for the first quarter of 2015 clearly shows that the financial institution not only has liquidity problems, it is completely insolvent. The bank's net profit for the last reporting period amounted to UAH 2,484,474. The equity capital of the institution corresponded to -1,973,642 UAH, while the amountassets was equated to UAH 5,877,985. Here we can also mention the amount of debt obligations, which today equal UAH 7,851,628.

First complaints

The first negative reviews about Zlatobank began to appear closer to mid-autumn 2014. There were massive reports that the bank was violating the terms of deposit agreements. Initially, there was information about the delay in payments and the refusal to return dollar deposits.

A little later, information from depositors spread that the bank had completely stopped issuing funds. Dissatisfied people could not take their money, while bank employees could not even tell about what was happening within the framework of the financial institution. An avalanche rained down on Zlatobank with indignant customers. People talked about the suspension of account services, failures in transfers of funds and long delays in the calculation of wages and pensions.

Temporary administration and attempts to rectify the situation

After a huge number of dissatisfied reviews from the population, the NBU appoints an interim administration on February 14. Valery Slavinsky, a leading specialist in the issues of settling the insolvency of DGF banks, is appointed to the position of head. The interim administration functioned from February 14 to May 13, 2015 inclusive.

Official decision that the Zlatobank financial institution, reviews of which during periods of no liquidity problemswere only good, is insolvent, was issued by NBU Resolution No. 105 of February 13. By the time the provisional administration was introduced, the institution's assets were equal to 7.8 billion hryvnia, which ensured the 28th position among the country's banks.

What was the prerequisite for the introduction of an interim administration?

Reviews from employees and customers about the Zlatobank institution have always been positive. Formally, the reason for the introduction of the temporary administration was not only indignation on the part of deceived clients, but also the risky operations for depositors that were carried out on February 12, despite a strict ban from the regulator. The beginning of difficulties and the first failures in work were recorded at the beginning of August. Although there were very few complaints from clients during that period, there were already liquidity problems. This led to the decision of the NBU on August 19 to introduce a curator into the structure of the financial institution.

Recognition of the bank as problematic

The first assumptions that Zlatobank is 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, the financial institution received the official status of a troubled one, and it was during this period that all the organization's clients experienced difficulties.

The regulator put forward a requirement for shareholders to rehabilitate the asset, but the measures taken by the financial institution did not include actions aimed at improving the situation. MoreMoreover, 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 Deposit Fund received an official statement that Zlatobank was closing. According to the data provided by the department, at the time of closing, about 115,000 deposits were issued at the financial institution, the total amount of which amounted to UAH 4.2 billion. About 97.4% of depositors fell under the guarantee obligations of the state.

Elena and Olga Yakimenko (mother and daughter) acted as bank owners. Some unofficial sources attribute to Leonid Yurushev a connection with the bank, as evidenced by the events that took place on the eve of the opening of Zlatobank. At that time, Yurushev was selling Forum Bank to the Germans, in which Elena Yakimenko worked as a 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 due to insolvency.

What attempts were made to keep the institution afloat?

The Guaranteed Deposits Fund, even before March 2, was accepting documentation from potential investors, which could confirm their qualifications. The Fund was actively looking for people who could take the financial institution out of the market with one of threeways:

• Partial or complex alienation of assets with bank liabilities towards the receiving financial institution.
• Formation and sale to a third party of a bridge bank in combination with all assets and liabilities.
• Complex sale of the bank.

Due to the fact that the process was not successful before March 2, the procedure was officially extended until the 13th. According to DGF estimates, the amount of possible compensation for losses is equal to UAH 925.47 million. At the same time, the amount of funds as of February 14, not only on deposit accounts, but also on simple accounts, amounted to UAH 3.622 billion.

With what obligations did the bank resign?

Mass panic among customers began when reviews from dissatisfied customers rained down on Zlatobank. They don’t give back deposits, they don’t answer questions, they don’t dedicate to a further plan of action, they don’t 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 January 1, 2015, even before the second devaluation of the hryvnia, the volume of deposits was equal to 3.2 billion hryvnia. More than 81% of deposits at that time were in foreign currency. As mentioned above, the number of depositors reached 115 thousand, but not everyone could count on payments. Only 112,000 clients whose deposits do not exceed UAH 200,000 can expect compensation.

The structure of non-compensated deposits included bank metal deposits, the total amount of whichamounted to 600 million hryvnia. According to the NBU rate, we are talking about at least 591 kilograms of the precious metal. The financial institution accepted metal deposits from 50 grams at 3% per annum, which, in accordance with the law, are not subject to the state insurance system. If you believe what the reviews said about the Zlatobank institution, deposits in this category were the most attractive on the Ukrainian financial market.

Bank license revocation and liquidation

Institution "Zlatobank" has very serious financial problems. This can be judged by the decision of the NBU under No. 310 of May 12 to revoke the license from a financial institution. Moreover, a decision was made to start the liquidation procedure.

The author of the resolution was the Directorate of the Guaranteed Deposits Fund, and the position of liquidator was entrusted to Valery Slavinsky, who will hold the post for one year, until May 1, 2016 inclusive. Indirect control over the financial institution still belongs to Elena Yakymenko.

Beginning of compensation payments to affected depositors

After a huge number of statements that Zlatobank does not issue deposits, its depositors can finally relax. On May 20, 2015, payments to customers through Oschadbank branches began. Information is available on the official website of the Guaranteed Deposit Fund that payments will be made before July 1, 2015. If for some reason the bank's depositors do not apply to one of the fund's agent banks before July 1,payment to them will be made based on the results of consideration of individual written appeals to the DGF until such time as the liquidation of the financial institution is officially entered in the Unified Register of State-Level Legal Entities.

Starting from May 20, compensation payments are made to depositors through the Standard financial enterprise, but only under agreements that expired before April 29, 2015. Payments to plastic card holders and bank account holders continue. Funds can also be received through Ukreximbank branches. When contacting one of the branches of the fund's partners, you should have a passport and a document confirming the assignment of the registration number of the tax payer's registration card. Payments are now being successfully made taking into account all interest, up to the moment the NBU decides to recognize the financial organization as insolvent. Compensation is not available only to those depositors (about 3,000 clients) whose deposit exceeds UAH 200,000.