Bloomberg News

Ukraine’s Central Bank Decides to Liquidate Sotskombank

October 21, 2011

Oct. 21 (Bloomberg) -- Ukraine’s central bank said it decided to liquidate PAT KB Sotskombank after it failed to restore financial stability following the 2008 global credit crisis.

The Kiev-based Natsionalnyi Bank Ukrainy appointed Nataliya Khorolenko as a temporary administrator to assume control at Sotskombank in order to stabilize it in March 2009. She will now supervise the liquidation process, the central bank said today on its website.

Ukrainian banks were shaken by the global financial crisis, which dried up credit and weakened regional currencies. The former Soviet republic was forced to seek an International Monetary Fund bailout to support its financial industry.

Ukraine was in the process of liquidating 20 banks as of Oct. 5, according to central bank data.

--Editors: Alan Crosby, Balazs Penz

To contact the reporter on this story: Daryna Krasnolutska in Kiev at dkrasnolutsk@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net;


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