VAB Bank
VAB Bank was a large financial institution in Ukraine.
It was founded in 1992. On November 21, 2014, during the economic and banking crisis in Ukraine, there was introduced a new temporary administration of the bank. VAB Bank, as well as 99 other Ukrainian banks among 180, was withdrawn from the market by the NBU decision. The funds of VAB Bank clients were paid by the Deposit Guarantee Fund of Individuals.
VAB Bank was a universal credit and financial institution with foreign investments. It has provided all the banking operations that include: corporate and retail customer service, investment banking, international customer service, interbank operations.
History
On July 2, 1992, the bank was founded in Kyiv. Since 1995 the bank was controlled by Sergiy Maksimov, the Russian entrepreneur.On October 2009, it faced the need for refinancing and received the assistance from the National Bank of Ukraine. During the crisis, the VAB Bank was supported by the Dutch-Israeli Kardan Fund, which share reached 71% in the capital of the bank in 2010.
At the end of 2010, the bank early repaid the NBU, what is more, at the beginning of 2011 repaid the bonds placed in August 2008, thus fully repaying internal borrowings. In winter 2012, Sergiy Maksimov was accused of committing crimes in accordance with the Criminal Code of Ukraine. According to the statement of militiamen, using official position, Maksimov insisted on granting loans for tens of UAH millions to the commercial structures controlled by him in 2008. About 40 millions of the money were appropriated for further legalization. According to the court decision, Sergiy Maksimov was released on bail of UAH 5 million.
The businessman Oleg Bakhmatyuk has become an owner of VAB Bank since 2011.
Owners and management
Management
According to the legislation of Ukraine and the Bank Articles of Association, all shareholders of the bank had the right to participate in the management of the bank; in the distribution of profit and receiving a part of it in the form of dividends; in managing the shares in accordance with the current law, including the disposition of them; in receiving reliable and timely information about the corporate changes and activity of the bank. At the same time, the shareholders had to carry out their duties at the bank, including property obligations, and were responsible for keeping the confidential information secret.Ownership structure
As of January 1, 2013, the ownership structure was as follows:| Shareholder | Holder of common stock | Percentage |
| Oleg Bakhmatyuk | 1 688 659 199 | 82.6851% |
| Kirkville Management Lmd. | 107 674 997 | 5.2723% |
| Minority shareholders | 240 733 461.1 | 11.7875% |
| In general | 2 042 277 507 | 100% |
The holder of 86,778% of PJSC VAB Bank shares was Quickcom Ltd, the company of Oleg Bakhmatyuk.
Indicators of activity
On April 1, 2012, total assets of the bank amounted to UAH 11.3 billion. Consisting 80% of loans to legal entities, the credit portfolio formed 55% of the total assets. The rest amounted to the investments on liquid assets and securities – 10% and 5% of assets respectively. The majority of liabilities, approximately 65%, was formed by individuals. The liabilities amounted to UAH 5.3 billion. The remaining number was related to the money of other banks and legal entities – 8% and 17% respectively; other borrowed funds – 14%; subordinated loans – 5%. Despite the fact that the bank made a profit of UAH 1 million in the second quarter of 2014, the board of the NBU adopted a resolution on the classification of VAB Bank as insolvent on November 20, 2014, as the NBU press service reported. On November 21, the Deposit Guarantee Fund introduced a temporary administration into the bank and appointed an authorized person. Due to the refinancing of the bank by the NBU and other liabilities, as well as other withdrawn from the bank market by the NBU, the bank has had a debt to the NBU and the Deposit Guarantee Fund. Oleg Bakhmatyuk has been the single one owner of the bank who suggested to repay the debt of the bank using a restructuring mechanism.Some ratings
- On December 29, 2011, the rating agency Expert-Rating made a decision on credit rating of VAB Leasing LLC and its issuance of bonds at uaBBB+ level according to the national scale.
- The rating agency Expert-Rating approved the credit rating of VAB Bank at uaAA level.
- VAB Bank was recognized as Reliable Partner for Business according to the results of TOP-100. Business Solutions research that has been undertaken by the Investigation Centre Rating TOP 100@.
- VAB Bank has taken the 1st place in the Banking Transparency Ranking of Ukraine according to the information transparency of the 30 largest banks operating in Ukraine. The research was held by the Ranking Agency Credit Rating together with the Agency of Financial Initiatives, supported by the USAID project The Financial Sector Development.
- The rating agency Expert-Rating approved the credit rating of VAB Bank at uaAA level according to the national scale. This ranking level means very high reliability of the bank in a long period. According to the results of a yearly research, held by the rating agency Expert-Rating, as of 2009, VAB Bank was included in the top ten of the bank reliability rating and received the highest rating mark A+.
- VAB Bank has become one of the 5 leaders according to the research 25 Best Suggestionsof Ukrainian Banks on Payment of Pensions by RA Expert-Rating.
- VAB Bank has become one of the 5 best financial institutions by the quality of the mobile service according to the evaluation of the Ukrainian Association of Direct Marketing.
- VAB Bank has become one of the 3 leaders in the service ranking of the largest retail banks of Ukraine. The study was conducted among 25 banks on the principle of a “mystery shopper”.
- VAB Bank has taken the 1st place in the information transparency rating among the 30 major banks of Ukraine.
- VAB Bank became one of the 3 most transparent banks in 2009 according to the Ranking Agency Credit Rating.
- VAB Bank has been recognized as the best trade mark in the nomination Impeccable Quality according to the results of the annual national competition Brand of the Year – 2009.
- VAB Bank was included to the TOP-5 banks trusted by secured Ukrainians, according to the April poll of city residents where population mark stood for 100 thousand or more people, and an average monthly income was over UAH 3 thousand. The poll was conducted by the research company Touchpoll Ukraine.
- In 2008, VAB Bank was one of the TOP-10 in the banking reliability rating among the banks with assets of at least UAH 1 billion, receiving the highest rating mark A+ according to the results of the traditional yearly research, conducted by the rating agency Expert-Rating.
- According to the results of the national rating Favourites of Success – 2012 that determined the level of public trust in trademarks of goods and services, VAB Bank took the 1st place in the nomination Deposit Program of the Year, following the survey of a jury of Ukrainian celebrities and public figures.