Contents tagged with banking sector

  • Ukrainian Prime Minister Groysman: Ukraine has spent 4.5 billion euros to clean the banking system

    Ukrainian Prime Minister Volodymyr Groysman stated in at a meeting in Copenhagen that Ukraine has spent €4.5 billion ($5.2 billion) on cleansing the country’s banking system, which has been bogged down with large debt payments and military spending.

    According to Groysman, the State will have to pay off $33 billion of debt in the next five years. “We have carried out the cleansing of the banking system, and it cost us 4.5 billion euros. In the next five years, we need to disburse $33 billion,” …

  • Net outflow of capital from Russia more than doubled from January to May

    According to the Central Bank of Russia, the net capital outflow from Russia increased by 120% in January-May 2017, reaching $22.4 billion as compared to $10.3 billion in the same period last year, according to preliminary estimates.

    "Since the beginning of the year, the net outflow of capital by the private sector, according to preliminary data, has risen to $22.4 billion, as compared to $10.3 billion the year prior," the regulator's survey notes.

    As the Central Bank explained, "the …

  • Kyiv bans Ukrainian banks from serving Russian companies hit by sanctions

    The National Bank of Ukraine approved a procedure for banks to implement the decision of the National Security and Defense Council of Ukraine (NSDC) on the application of personal special economic sanctions against a number of Russian companies, including Russian social networks VKontakte, Odnoklassniki, and resource sites Yandex, and accounting program 1C, as reported by UNIAN, citing Resolution No. 46 on the website of The National Bank of Ukraine.

    As noted, beginning June 3, banks …

  • National Bank of Ukraine officials are connected to Russian banks

    The Deputy Head of the National Bank of Ukraine (NBU), Kateryna Rozhkova, was discovered to have family connections to the head of Russian banks, the TSN news service reported.

    At the same time, the leadership does not see a potential conflict of personal and public interests in this.

    "The railway is serviced by the three Russian banks. How has someone come up with this! The largest taxpayer, the most extensive rail network," the chairman of the Motherland Defenders Party, Yuriy Karmazin, …

  • Chairwoman of National Bank of Ukraine: There will be no more major bankruptcies of Ukrainian banks

    The Chairwoman of the National Bank of Ukraine, Valeriya Hontareva, stated in an interview with that the National Bank believes that there will be no major bankruptcies of Ukrainian banks.

    “We have 40 banks that in terms of assets made up 97% of the entire banking system. You have already seen who didn’t survive in the first top 20. The second top 20 passed the test on January 1st, 2017. The Platinum Bank and Fortuna Bank withdrew from the market. The latter, despite the fact it was …

  • Offices of four Russian banks in Kyiv were blocked by members of the National Corps party

    Four central offices of the Russian banks PIB, Sberbank, BM-Bank, and Alfa-Bank are being blocked by members of the National Corps party, which was created by members of a public organization, Civil Corps Azov, as was reported by Interfax-Ukraine.

    Clients of the bank are met with balalaikas and posters reading, "Welcome to Russia."

    Activists also glued the posters over bank windows calling for account holders to withdraw their money, close Ukrainian banks related to the Russian Federation, …

  • Another bank shuts down in Ukraine due to lack of capital

    On January 10, 2017, the National Bank of Ukraine recognized Platinum Bank’s insolvency. It was one of the most scandalous banks in the country. On April 1, 2016, with $7.47 billion worth of holdings it was 24th in terms of assets out of 109 banks operating at the time.

    Why Platinum went bankrupt

    The official cause for bankruptcy is the inability of the shareholders to raise the bank’s capital. According to the requirements of the NBU, in terms of assets all banks within the 21st to 40th …

  • Russian VTB Bank says it was the victim of a cyber-attack

    According to the press service of a Russian banking group, their websites have been the victim of a cyber-attack, as reported by Interfax. "A DDoS attack was carried out against the VTB Group’s internet sites. The IT infrastructure is working as normal and the bank’s clients are not experiencing any difficulties," a VTB representative noted.

    The press service confirmed they have not seen a trend in active cash withdrawals or terminations of deposit agreements on Friday and through the weekend. …

  • FSB accuses foreign intelligence services of plotting cyber-attacks against Russian financial system

    The Russian Federal Security Service (FSB) has accused foreign intelligence services of plotting cyber-attacks against the Russian financial system, Deutsche Welle reported.

    The FSB claims that several large-scale cyber-attacks were to take place against a number of Russian banks in dozens of cities on Monday, December 5th.

    The Federal Security Service did not specify which countries it believes are behind the plans, but it did say in a statement that “server capacity and command and control …

  • Largest Russian banks attacked by unknown hackers

    Hackers of yet-unknown origin have carried out a series of attacks on major Russian banks, RIA Novosti reported, citing a source close to the Central Bank of the Russian Federation. Later the anti-virus company Kaspersky Lab confirmed the news, saying that the attack that began on November 8th and continues for the second day in a row became the first large-scale, distributed denial of service (DDoS) attack in 2016 aimed at Russian banks.According to Kaspersky Lab, the hackers attacked the …