DEPOSIT GUARANTEE FUND (DGF)
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PROFIN BANK, PJSC

Briefing note on winding-up of PROFIN BANK, PJSC by the DGF

Full name of the bank being liquidated

BANK OF PROFESSIONAL FINANCE, PUBLIC JOINT STOCK COMPANY
Short name of the bank being liquidated
PROFIN BANK, PJSC
Resolution of the National Bank of Ukraine (NBU) declaring insolvency of the bank
NBU Board’s Resolution dated January 19, 2015 # 35/БТ on Classification of BANK OF PROFESSIONAL FINANCE, PUBLIC JOINT STOCK COMPANY to the Category of Insolvent.
Decision of the Deposit Guarantee Fund’s (hereinafter – the DGF) Executive Directorate introducing provisional administration in the bank
The DGF Executive Directorate issued Decision dated January 19, 2015 # 11 on Introducing Provisional Administration in PROFIN BANK, PJSC.
Duration of provisional administration
From January 20, 2015 through April 19, 2015, PROFIN BANK, PJSC was under provisional administration. The DGF carried out the provisional administration through the authorized officer.
NBU resolution on liquidation
On April 15, 2015, the NBU Board approved Resolution # 258 on Revocation of the Banking License and Liquidation of BANK OF PROFESSIONAL FINANCE, PUBLIC JOINT STOCK COMPANY.
DGF Executive Directorate’s decision on commencement of the liquidation procedure
On April 20, 2015, the DGF Executive Directorate issued Decision # 78 on Commencement of the Liquidation Procedure of PROFIN BANK, PJSC and Appointment of the DGF Officer Authorized to Liquidate the Bank. In accordance with Subparagraph 1 of Part 2 of Article 46 of the Law of Ukraine on the Household Deposit Guarantee Scheme (hereinafter – the Law), from the starting day of the bank liquidation procedure terminated shall be all the powers of the bank governance bodies (general meeting, supervisory board and management board) and bodies of control (audit committee and internal audit). Senior managers of the bank are dismissed in connection with the bank liquidation.
Starting day of the bank liquidation
On April 20, 2015, the DGF initiated the liquidation procedure of PROFIN BANK, PJSC, appointed the DGF authorized officer and delegated to the officer the powers of PROFIN BANK, PJSC liquidator.
Date when the bank liquidation was announced
On April 22, 2015, the official announcement of PROFIN BANK, PJSC liquidation was published in the Holos Ukrainy newspaper.
Liquidator of PROFIN BANK, PJSC
From May 21, 2019, the powers of PROFIN BANK, PJSC liquidator defined by the Law are exercised directly by the DGF.
Powers of the liquidator
All powers of the bank liquidator defined by the Law.
Deposit payout period
From April 23, 2015 to April 21, 2020.
Special powers of DGF in terms of recovering damages (loses) caused to the bank and/or its creditors
According to Part 7 of Article 52 of the Law, the DGF enjoys the right to apply to courts of an appropriate jurisdiction (including foreign courts) with a lawsuit seeking damages (losses) caused to the bank in case of:
- finding the decisions, actions or omissions resulted in damages (losses) to the bank and/or its creditors;
- identifying the persons who contributed to such decisions-making, actions or omissions and/or received pecuniary benefits;
- determining the amount of damages (losses) suffered.
 DGF enjoys the right to file such lawsuits with the courts of an appropriate jurisdiction (including foreign courts) during the bank liquidation procedure and three years after making the bank termination record (special statute of limitations).