Nationalized Motor-Bank declared insolvent
Interior of the National Bank of Ukraine (Photo: NBU / Flickr)
The National Bank of Ukraine (NBU) has classified state-owned
Motor-Bank
as insolvent, the NBU announced on Feb. 19.
Motor-Bank was seized and transferred into state ownership in September 2024, after its owner, Vyacheslav Boguslayev, was arrested and charged with treason in 2022. Boguslayev was a long-time chairman of defense contractor Motor Sich and arranged for shipments of aircraft engines to Russia after the 2022 invasion of Ukraine.
The NBU said Motor-Bank is not systemically important and held just 0.01% of the banking sector’s assets among solvent banks as of Feb. 1, 2026, so its insolvency does not threaten the stability of Ukraine’s banking sector.
The decision followed Motor-Bank’s failure to meet a written NBU requirement to submit a revised financial recovery plan that accounted for prior regulator comments. The board had placed Motor-Bank in the “problematic” category on Dec. 16, 2025, citing prolonged risky activity that led to a breach of the minimum regulatory capital requirement.
After that designation, Motor-Bank continued high-risk, loss-making operations and remained out of compliance with the minimum regulatory capital rule, the NBU said. As of Feb. 19, the bank’s regulatory capital stood at UAH173 million ($4 million), well below the NBU’s minimum of UAH200 million ($4.62 million).
The NBU said every depositor at Motor-Bank will receive full
compensation from the Deposit Guarantee Fund of Ukraine, including accrued
interest.
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