Two Ukrainian Banks Shuttered by Central Bank: What Happens to Depositors at Motor-Bank and PINbank

Bank Closures in Ukraine

According to Главком: The National Bank of Ukraine (NBU) has declared two financial institutions insolvent and has initiated their liquidation: Motor-Bank JSC and First Investment Bank JSC (PINbank). This action follows the banks' critical capital shortfalls and their inability to restore their financial health. The capital deficiencies at these institutions were first identified in December 2025. This move is part of ongoing efforts to clean up Ukraine's banking sector and ensure its stability.

Motor-Bank JSC's regulatory capital stood at UAH 173 million, while PINbank JSC's was UAH 73 million. Both figures are significantly below the UAH 200 million regulatory capital requirement for Ukrainian banks, demonstrating their failure to meet mandatory financial standards. Each bank held a mere 0.01% share of the banking services market.

Background of the Banks

Motor-Bank JSC, based in Zaporizhzhia, was nationalized after its shares were confiscated from former Motor Sich president Vyacheslav Bohuslayev, who is a suspect in a treason case. PINbank JSC was previously owned by Yevgeny Giner, president of Moscow's CSKA football club. In 2023, the High Anti-Corruption Court confiscated 88.9% of this bank's shares, and in January 2025, its management was transferred to the Ministry for Restoration. PINbank operated 11 branches.

Depositors at both banks are guaranteed full reimbursement of their funds, including accrued interest, through the Deposit Guarantee Fund for Individuals (DGF). In June 2024, the Appeals Chamber of the High Anti-Corruption Court upheld a ruling to seize the assets of Vyacheslav Bohuslayev, including those of Motor-Bank, for the state. Bohuslayev's pre-trial detention has been extended until December 20, 2025, with bail set at UAH 908.3 million.

The liquidation of Motor-Bank JSC and First Investment Bank JSC highlights persistent challenges within Ukraine's banking sector. - Source: National Bank of Ukraine

The regulator's decision also reflects the state's broader efforts to combat corruption and restore financial stability amid significant economic pressures. The guarantee of depositor reimbursement through the DGF is intended to mitigate potential negative impacts on the economy and public trust in the banking system.