DGF seeking investors for Motor Bank and First Investment Bank

The Deposit Guarantee Fund (DGF) is seeking investors for Motor Bank and First Investment Bank.

This is stated in the fund's announcements, Ukrainian News Agency reports.

The fund is looking for investors or banks that are ready to participate in the settlement of their future fate. This involves the sale of the bank to an investor, the transfer of part or all of its assets and liabilities to another bank, the creation of a transitional bank, or liquidation with the sale of assets.

Banks and pre-qualified investors approved by the National Bank are eligible to participate.

Documents must be submitted by February 27 inclusively.

The fund promises to return their deposits to customers of both banks in full — along with interest accrued up to the day before the start of the procedure for withdrawing the bank from the market (except for cases provided for by law).

Contest participants can independently choose which bank assets they are ready to accept — depending on the terms of the contest.

As Ukrainian News Agency earlier reported, on February 19, the National Bank declared Motor Bank and First Investment Bank insolvent.

In January last year, the Cabinet of Ministers transferred the First Investment Bank (PINbank) to the Ministry of Community and Territorial Development with subsequent transfer to Ukrposhta.

In January 2024, the state, represented by the State Property Fund, became the owner of a controlling stake in the First Investment Bank (PINbank) in the amount of 88.89%, which the court confiscated from the russian billionaire and president of the Moscow football club CSKA Yevgeny Giner.

The former president of the largest manufacturer of aircraft engines and gas turbine plants, Motor Sich, Vyacheslav Bohuslaev, owned 100% of the shares of Motor Bank, after which the bank was transferred to the management of the State Property Fund.

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