Group 2

Megabank is declared insolvent

GABV

8 June 2022

Megabank, in Ukraine, an associate member of the Global Alliance for Banking on Values (GABV) since 2019, was declared insolvent by the National Bank of Ukraine (NBU) on 2 June 2022. According to the NBU’s statement here, this is due to financial difficulties that pre-date the war in Ukraine.

Megabank operates as a commercial bank with a focus on SMEs and micro-businesses, specialising in agribusiness and other small entrepreneurs. Based in Kharkiv, it has provided accessible financial services to local people before and during the war in Ukraine.

The GABV has regularly reached out to Megabank’s management since the conflict began, but maintaining meaningful contact has proved difficult for obvious reasons. At the same time, we have been in touch with investors in Megabank which has allowed us to monitor the situation from a distance in recent weeks. To the best of our knowledge, no one from the bank (close to 1,200 co-workers) has been hurt to date during the conflict.

Unfortunately, Megabank’s insolvency means it automatically ceases to be an associate member of the GABV.

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