Major shareholder sells stake in Bank Mykhailivsky before bank declared insolvent

Ukrainian businessman Viktor Polischuk, who owns the Eldorado consumer electronics retail chain, a few days before Bank Mykhailivsky was declared insolvent, sold his stake in the amount of 92.501% of Ekosipan LLC, which owns the bank, to a group of individual investors, according to the website of the bank.
”On May 19, 2016, there were changes in the ownership structure of Ekosipan LLC, which owns 100% shares of Bank Mykhailivsky. Viktor Polischuk, the owner of a substantial portion, sold his stake in the charter capital of Ekosipan LLC in the amount of 92.501% to a group of individual investors. As a result of such acquisition, none of the investors received a significant stake in Bank Mykhailivsky,” the report says.
As UNIAN reported earlier, on May 23, the National Bank of Ukraine (NBU) declared Bank Mykhailivsky insolvent claiming it conducted dubious operations with individual deposits.
As the NBU said on its website, Mykhailivsky was designated as a problem bank on December 23, 2015, due to risky deals; since that time, the regulator had been working with the bank`s shareholder and management to settle the situation.

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