Concorde Bank returned its licence through the court: NBU will appeal the decision
7 June 2024 12:31
The National Bank will appeal against the decision of the Dnipro District Administrative Court to declare unlawful and cancel the regulator’s decision to revoke the banking licence and liquidate JSC Concorde Bank. This is reported by the press service of the National Bank, "Komersant Ukrainian" reports
By its decision of 29 May, the Dnipropetrovs’k District Administrative Court declared unlawful and cancelled the decision of the National Bank of Ukraine (NBU) to revoke the banking licence and liquidate JSC Concorde Bank.
This decision has not yet entered into force, the NBU does not agree with it and will appeal against it.
The National Bank noted that in accordance with part seven of Article 77 of the Law “On Banks and Banking Activities”, the initiated bank liquidation procedure cannot be suspended/terminated, including in the event of recognition as unlawful (illegal) and cancellation of decisions of the NBU or the Deposit Guarantee Fund that were the basis for its initiation.
It is noted that in August 2023, the National Bank decided to revoke the banking licence of JSCB Concord and liquidate it due to the bank’s systematic violation of the requirements of the legislation in the field of preventing and counteracting the legalisation (laundering) of proceeds of crime or the financing of terrorism and the financing of the proliferation of weapons of mass destruction.
The share of Concord Bank was only 0.17% of the assets of solvent banks, so its withdrawal from the market did not affect the stability of the Ukrainian banking sector.
What is known about Concord Bank
Joint Stock Commercial Bank Concord was registered on 7 August 2006. The bank was owned by entrepreneurs Elena and Yulia Sosiedko.
According to media reports, it serviced approximately 25% of the gambling market, helping it avoid taxation through the use of a mis-coding scheme.
During its operation, 14 branches were opened: 4 in Dnipro, 3 in Kyiv, 2 in Odesa, as well as in Lviv, Kryvyi Rih, Zaporizhzhia, Novomoskovsk and Kharkiv.
