VAB Bank

VAB Bank (Vseukrainsky Aktsionerny Bank, or All-Ukrainian Joint-Stock Bank) was a major Ukrainian commercial bank headquartered in Kyiv. It was founded in July 1992 and grew into one of the country's systemic banks, operating a nationwide sales network of more than 140 branches and offices and employing over 2,000 people. As of 1 January 2014 it ranked 21st in Ukraine by assets. From 1995 the bank was controlled by Russian businessman Sergei Maksimov, and it actively lent to related companies. During the 2008–2009 financial crisis it required refinancing support from the National Bank of Ukraine, which it received in October 2009. Through a subsidiary, the Dutch-Israeli fund Kardan held a stake that reached 83.9% of the bank's capital in 2010; that stake was sold in early 2011 to a group of unnamed investors represented by the Russian investment bank Troika Dialog. By then the largest shareholder was Ukrainian businessman Oleh Bakhmatyuk, who held 86.778% through the Cypriot company Quickcom Limited. From 2011 Natalia Vasylyuk chaired the supervisory board and Denys Maltsev served as chairman of the board. The bank was loss-making for several years, reporting losses of UAH 382 million in 2009, UAH 621 million in 2010, UAH 497.4 million in 2011 and UAH 232.4 million in 2012. In August 2014 it introduced limits on cash withdrawals, and in October 2014 it defaulted on a US$2 million interest payment on Eurobonds and was classified as a problem bank. On 20 November 2014 the National Bank of Ukraine declared it insolvent, and the next day the Deposit Guarantee Fund introduced a temporary administration. On 19 March 2015 the National Bank of Ukraine decided to revoke its banking licence and liquidate the bank. At 1 November 2014 deposits by 347,300 individuals totalled UAH 9.7 billion, of which UAH 6.9 billion fell within the guaranteed compensation amount. The bank's history also includes a criminal case against former co-owner Sergei Maksimov, who was accused of embezzling tens of millions of hryvnias through loans to controlled structures in 2008 and of siphoning off around US$255 million from VAB Bank into offshore structures between 2005 and 2009.

VAB Bank (Vseukrainsky Aktsionerny Bank, or All-Ukrainian Joint-Stock Bank) was founded in July 1992 in Kyiv. It grew into one of Ukraine's larger commercial banks and was classified as a systemic institution. From 1995 it was controlled by Russian businessman Sergei Maksimov, and the bank actively lent to related companies. During the global financial crisis the bank ran into difficulty. In October 2009 it required refinancing and received assistance from the National Bank of Ukraine. Through a subsidiary, the Dutch-Israeli fund Kardan held a stake in the bank that reached 83.9% of its capital in 2010. That stake was sold in early 2011 to a group of unnamed investors represented by the Russian investment bank Troika Dialog. At the end of 2010 the bank repaid the National Bank of Ukraine ahead of schedule, and in early 2011 it redeemed bonds placed in August 2008, thereby fully repaying its domestic borrowings. By then the largest shareholder was Ukrainian businessman Oleh Bakhmatyuk, who held 86.778% through the Cypriot company Quickcom Limited. From 2011 Natalia Vasylyuk chaired the supervisory board and Denys Maltsev was chairman of the board. The bank remained loss-making: it reported losses of UAH 382 million in 2009, UAH 621 million in 2010, UAH 497.4 million in 2011 and UAH 232.4 million in 2012 — its fourth consecutive annual loss. In winter 2012 the Main Directorate for Investigation of Especially Important Cases of the Prosecutor General's Office of Ukraine completed an investigation into Sergei Maksimov, a former senior manager and major co-owner of VAB Bank. He was accused of offences under Part 5 of Article 191, Part 3 of Article 209, Part 2 of Article 366, Part 3 of Article 27 and Part 2 of Article 366 of the Criminal Code of Ukraine. According to law enforcement, using his official position, Maksimov insisted in 2008 on issuing loans to commercial structures under his control worth tens of millions of hryvnias; about UAH 40 million of those funds were embezzled for subsequent legalisation. The bank itself claimed he misappropriated far more: between 2005 and 2009, in violation of central bank rules on lending to related parties, Maksimov arranged loans to structures under his control worth more than UAH 1 billion. Over his entire period of activity he withdrew about US$255 million from VAB Bank into offshore structures, using fictitious court decisions. By court decision Sergei Maksimov was released on bail of UAH 5 million. In August 2014 the bank began introducing limits on cash withdrawals. In October 2014 it defaulted on a US$2 million interest payment on Eurobonds, and in the same month it was classified as a problem bank. As of 1 November 2014, deposits by 347,300 individuals at the bank totalled UAH 9.7 billion, of which UAH 6.9 billion were deposits within the guaranteed compensation amount. On 20 November 2014 the National Bank of Ukraine declared the bank insolvent, and the next day the Deposit Guarantee Fund introduced a temporary administration. On 19 March 2015 the National Bank of Ukraine decided to revoke the bank's banking licence and liquidate it. As of 1 January 2014 the bank had ranked 21st by assets and operated a sales network of more than 140 branches and offices across Ukraine, employing over 2,000 people.

• 2015

  On 19 March 2015 the National Bank of Ukraine decided to revoke the bank's banking licence and liquidate it.

• 2014

  In August 2014 the bank introduced limits on cash withdrawals; in October 2014 it defaulted on a US$2 million Eurobond interest payment and was classified as a problem bank; on 20 November 2014 the National Bank of Ukraine declared it insolvent and the Deposit Guarantee Fund introduced a temporary administration.

• 2012

  The bank reported a loss of UAH 232.4 million, its fourth consecutive annual loss; the Prosecutor General's Office completed its investigation into Sergei Maksimov.

• 2011

  Kardan's stake was sold to unnamed investors represented by Troika Dialog; the bank redeemed its 2008 bonds; Natalia Vasylyuk became supervisory board chair and Denys Maltsev board chairman.

• 2010

  Kardan's stake in the bank's capital reached 83.9%; at the end of 2010 the bank repaid the National Bank of Ukraine ahead of schedule.

• 2009

  In October 2009 the bank required refinancing and received assistance from the National Bank of Ukraine.

• 2008

  Bonds placed in August 2008.

• 1995

  Bank came under the control of Russian businessman Sergei Maksimov.

• 1992

  Bank founded in July 1992 in Kyiv.

Systemic Ukrainian commercial bank serving retail and corporate clients nationwide.

• Retail deposits

  Deposit accounts for individuals; as of 1 November 2014, 347,300 individuals held deposits totalling UAH 9.7 billion.

• Corporate lending

  Lending to corporate clients, including related companies.

• Eurobonds

  The bank issued Eurobonds and defaulted on a US$2 million interest payment in October 2014.

• Maksimov embezzlement case

Read more

• Insolvency declaration and liquidationOther

1. 1VAB Банк — Википедияru.wikipedia.org
2. 2VAB Bank — Wikidatawikidata.org
3. 3InTime.ua - на сайті зібрані неймовірні статті, які зроблять Ваше життя легкимintime.ua
4. 4Про нас - InTimeintime.ua