The NBU declared PINbank insolvent: what happened and what does it mean?
19 February 20:54
On February 19,the National Bank of Ukraine decided to classify First Investment Bank (PINbank) as insolvent, according to "Komersant Ukrainian".
The reason was the bank’s failure to comply with the regulator’s written request to submit a revised financial recovery plan after the institution had previously been recognized as problematic.
Why did the NBU intervene?
According to the regulator, the bank had been engaging in risky activities for a long time, which led to a violation of the minimum regulatory capital requirement.
As of the date of the decision:
- PINbank’s regulatory capital amounted to UAH 73 million;
- the minimum permissible level was UAH 200 million.
Thus, the bank’s capital was more than three times lower than the norm.
Are there any risks to the system?
The NBU emphasizes that PINbank is not a systemically important bank. Its share in the sector was only 0.01% of the assets of solvent banks (as of February 1, 2026).
Therefore, the decision has no systemic impact on the stability of the banking system.
However, for the bank’s customers, this means the launch of a market exit procedure involving the Deposit Guarantee Fund, which is supposed to ensure payments to depositors within the guaranteed amount.
Political and sanctions context
PINbank was previously controlled by Russian businessman Yevgeny Giner, president of the Moscow football club CSKA Moscow, who owned 88.89% of the shares.
After the sanctions were imposed, the asset was confiscated. In January 2025, the Cabinet of Ministers transferred the bank’s shares from the State Property Fund of Ukraine to the Ministry of Community and Territorial Development of Ukraine.
Thus, the state became the actual owner of the bank.
The idea of a “postal bank” and the position of the NBU
On the basis of PINbank, it was proposed to create a state-owned “postal bank.” The initiator of the idea was the CEO of Ukrposhta, Ihor Smelyansky.
However, the NBU did not support this concept, emphasizing the risks and the need for the bank to comply with prudential requirements.
The decision on insolvency effectively removes the question of implementing this model in its previous form.
Second bank in one day
On the same day, the NBU also declared Motor Bank insolvent.
Although neither institution had a significant market share, the fact that two decisions were made on the same day draws attention to the quality of supervision and the state of small banks.
The future fate of PINbank will depend on the decisions of the Guarantee Fund: possible sale of assets, transfer of liabilities to another institution, or liquidation.
