The National Bank of Ukraine Allows EXPRESS - BANK JSB to Be Taken over by Industrialbank JSCB
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.
