Deposit Guarantee Fund sells property of bankrupt Arkada bank

Ukrainian commercial bank Arkada was declared insolvent on Aug. 25 by the National Bank of Ukraine, and on the following day, the Deposit Guarantee Fund announced a tender to sell the bankrupt bank’s property.

Following the central bank’s statement, the fund took over Arkada’s head office to liquidate the controversial bank from the market. The bank was declared insolvent due to a decrease in the capital ratio to less than one third of the minimum established level.