The National Bank of Ukraine Allows EXPRESS - BANK JSB to Be Taken over by Industrialbank JSCB19.08.2017 10:36 | National bank of Ukraine
The National Bank of Ukraine has given its approval for the reorganization through the takeover of EXPRESS - BANK JSB by Industrialbank JSCB under the simplified procedure.
The decision to this effect was taken by the Committee on Banking Supervision, Regulation, and Payment System Oversight (Decision No. 303 of 18 August 2017 in accordance with the Law of Ukraine On Simplified Recapitalization and Restructuring Procedures for Banks No 1985-VІІІ of 23 March 2017.
On 14 July 2017, the NBU gave a preliminary approval for a draft of the reorganization plan for the takeover of EXPRESS - BANK JSB by Industrialbank JSCB under the simplified procedure.
As a result of the reorganization, Industrialbank JSCB will become the legal successor of all the rights and obligations of EXPRESS - BANK JSB to its customers, partners and counterparties.
As a legal successor, Industrialbank JSCB will assume ownership rights to the assets transferred to it (including the rights under suretyship agreements) In addition, Industrialbank JSCB will assume creditors’ (depositors’) claims debtor"s liabilities on the debtors without amending the respective agreements.
Following the reorganization, the banks will have to notify their customers that Industrialbank JSCB has become the legal successor of all the rights, obligations and property of EXPRESS - BANK JSB by posting information on their websites and bulletin boards available in their branch offices.
In June 2017, the NBU streamlined the procedure for reorganization of banks through takeovers. This move enabled banks to shorten significantly the duration of the reorganization process, including by speeding up the document review process by the regulator.