Two credit unions in Ukraine have lost their licenses: what caused this
3 April 23:34
The National Bank of Ukraine has revoked the licenses of the “Hetman” and “Verkhovyna” credit unions and removed them from the State Register. This was reported by the NBU’s press service, according to "Komersant Ukrainian"
The decision was made based on the unions’ own applications and under a special procedure during martial law.
Both credit unions held standard licenses to operate as credit unions with the right to provide financial services, including lending funds and bank metals, as well as accepting funds and bank metals subject to repayment.
Following the NBU’s decision, they were officially removed from the state register of financial institutions.
What exactly happened
This is not a forced “closure” due to sanctions or penalties, but rather the revocation of licenses based on applications submitted by the credit unions themselves.
The NBU explicitly states that it acted in accordance with a special procedure that allows certain credit unions, during martial law, to independently submit an application for the revocation of their license and removal from the registry.
Which credit unions ceased operations
The NBU named two institutions:
- REGIONAL CREDIT UNION “GETMAN”
- CREDIT UNION “VERKHOVYNA”
According to the regulator, as of March 1, 2026, the assets of the “Hetman” credit union amounted to UAH 4,908,000, or 0.4% of the total credit union market, while its liabilities stood at UAH 1,418,000, or 0.2% of the market.
As of the same date, the assets of the “Verkhovyna” credit union amounted to UAH 58,730, or 0.005% of the market, while its liabilities stood at UAH 27,510, or 0.004% of the market. This indicates that both players were very small in terms of market size, especially “Verkhovyna.”
Why did the NBU allow this during martial law?
The National Bank explains that during martial law, credit unions that hold only a license to operate as a credit union—without the right to provide financial payment services—and have no obligations under agreements to attract deposits from union members may submit an application to revoke their license and be removed from the registry. It is precisely through this mechanism that the two current decisions were made.
The special procedure is set forth in Resolution No. 39 of the NBU Board dated March 6, 2022, as amended. In other words, the decisions regarding “Hetman” and “Verkhovyna” are not a one-time exception, but rather the application of an already existing martial law procedure for the non-bank financial market.
What is a credit union
A credit union is a cooperative-type financial institution that operates not as a traditional bank, but as an association of people for mutual lending and providing financial services to its members.
It can issue loans and, in certain cases, attract funds from its members, but operates under a different model than a commercial bank.
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