The National Bank of Ukraine (NBU) has decided to liquidate Bank Arcada. This was stated on the NBU’s website.
The NBU, at the suggestion of the Deposit Guarantee Fund, made a decision dated September 24, 2020 No. 601-RSh to revoke the banking license and liquidate Arcada Bank.
On August 25, the NBU declared bank Arcada insolvent. The Guarantee Fund introduced a temporary administration to Arcada. On August 26, the head of the Ministry of Internal Affairs of Ukraine Arsen Avakov announced the embezzlement of UAH 9 billion from the funds for financing the construction of the Bank Arcada.
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