The NBU revokes the license of and liquidates “Motor-Bank,” a bank linked to Boguslaev
13 April 14:47
The National Bank of Ukraine has decided to revoke the banking license and liquidate Motor-Bank JSC after the institution was declared insolvent. This was reported by the regulator’s press service, according to "Komersant Ukrainian"
The bank in question is linked to Vyacheslav Boguslaev, the former president of Motor Sich. Previously, 100% of the bank’s shares were confiscated and transferred to state ownership.
Why is the NBU liquidating Motor-Bank?
As explained by the National Bank, the decision was made in accordance with current Ukrainian legislation, specifically the laws “On Banks and Banking Activities,” “On the National Bank of Ukraine,” and “On the Deposit Guarantee System for Individuals.”
The basis for the liquidation was that as early as February 19, 2026, the NBU classified Motor-Bank JSC as insolvent. The reason was the bank’s failure to comply with the regulator’s written demand to submit a revised financial recovery plan within the established deadline after the bank was classified as troubled.
Thus, the decision to liquidate the bank was a continuation of the procedure that began after the bank was officially declared insolvent.
When the decision takes effect
The NBU clarified that the decision to revoke the license and liquidate Motor Bank takes effect upon its notification to the bank.
At the same time, this decision may be appealed in administrative court within three months of its publication.
What is known about Motor-Bank
Motor-Bank JSC was registered in 2007. In 2009, the institution was renamed Motor-Bank PJSC.
The bank operated as a universal financial institution and provided a full range of services to corporate and private clients.
The bank’s registered address is 54-B Motorobudivnykiv Avenue, Zaporizhzhia.
How Motor-Bank is linked to Vyacheslav Boguslaev
Motor-Bank is linked to the former president of “Motor Sich,” Vyacheslav Boguslaev. Following government decisions, Ukraine became the owner of 100% of the shares in JSC “Motor-Bank,” which were confiscated from Boguslaev.
Timeline of events:
- October 2022 — The SBU detained Boguslaev;
- November 2022 — The National Bank of Ukraine stripped him of his voting rights in the bank;
- July 2024 — the bank was transferred to state ownership through the State Property Fund;
- The High Anti-Corruption Court definitively forfeited the shares to the state.
The basis for this was sanctions against Boguslaev due to suspicions of collaboration with Russia and illegal supplies of aircraft engines.
As a reminder, the Security Service of Ukraine detained Vyacheslav Boguslaev on October 22, 2022. According to the security service, he established transnational channels for the illegal supply of bulk shipments of Ukrainian aircraft engines to the aggressor country.
As the SBU claimed, the occupiers used these engines for the production and repair of attack helicopters.
What does the liquidation of a bank mean?
The liquidation of a bank means the termination of its operations as a financial institution after the completion of all procedures required by law. After its license is revoked, the bank can no longer provide banking services, and further actions are carried out within the framework of the liquidation procedure.
In the case of Motor-Bank, the NBU’s decision effectively puts an end to the institution’s history as an operating bank.
The bank’s financial condition prior to being declared insolvent
Motor-Bank’s financial indicators pointed to a deteriorating situation:
- loss in 2025 — UAH 16.3 million;
- net assets — UAH 379.2 million;
- insufficient capital.
This was a key factor in the regulator’s decision.
