The National Bank of Ukraine board on 10 January declared Platinum Bank as insolvent.
In a statement, the regulator said that the diagnostic survey of Platinum Bank in the first half of 2016 showed the need to increase the bank's capital. According to the NBU resolution, the recapitalisation should have been completed before 1 January 2017, but the bank has failed the task.
The National Bank said that 97 per cent, or 197,000 persons, of Platinum Bank's depositors will receive their deposits in full as their size does not exceed the cap of 200,000 hryvnyas set by the Deposits Guarantee Fund for individuals' deposits. Overall, the fund will provide the payment of about 4.8bn hryvnyas in guaranteed compensations to depositors.
The main stakeholders of Platinum Bank are Borys Kaufman and Hryhoriy Hurtovyy.