The bank, which was among the 25 largest in Ukraine, was officially declared insolvent
Photo: Megabank press service

On June 24, 2025, the Supreme Court upheld the legality of the National Bank's decision to declare PJSC "Megabank" insolvent. This was reported by the NBU press service.

Thus, the Supreme Court overturned the decisions of the courts of first and appellate instances, which had previously granted the claim of the bank owner Viktor Subotin and recognized the actions of the NBU as unlawful.

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Megabank has been operating in the Ukrainian financial market for about 32 years. According to the bank, as of January 1, it served 728,319 customers and had 154 branches in Ukraine. As of that date, the bank's assets amounted to UAH 9.956 billion.

According to the NBU, the share of the financial institution is 0.46% of the net assets of solvent banks. Megabank's largest shareholders were Viktor Subbotin (60.74%), the European Bank for Reconstruction and Development (11.29%), the German government (11.29%), and Maxim Yefimov (9.82%).

The decision emphasizes that the NBU acted within its powers as a regulator responsible for the stability of the financial system and protection of depositors' interests.

According to the law, if a bank fails to correct violations within 120 days of being recognized as problematic, the NBU is obliged to declare it insolvent – even under martial law.

The court also recognized that the NBU's conclusions have precedence in such cases and cannot be replaced by court assessments unless there are obvious violations or errors.

The National Bank has repeatedly warned Megabank's management about the risks and violations that, according to the regulator, had arisen before the outbreak of the full-scale war. In particular, it was about problems with capital, liquidity and risk management.

"The NBU's position remains unchanged: banks that do not comply with regulatory requirements cannot continue to operate, as this poses risks to customers and the stability of the banking system," commented Viktor Hryhorchuk, Head of the NBU's Legal Department.

  • Megabank was the largest bank in Kharkiv and was declared insolvent and closed in June 2022 due to systematic lending to related parties and a significant amount of non-core assets on its balance sheet.