KIEV, Nov. 21 – The National Bank of Ukraine has included Kiev-based VAB Bank into the category of insolvent banks, the NBU said in a statement.

"On November 20, the NBU board… passed resolution No. 733 to include PJSC All-Ukrainian Joint-Stock Bank [VAB Bank], into the category of insolvent banks. In keeping with the laws, the Individuals' Deposit Guarantee Fund as of November 21, 2014, introduced provisional administration at the said bank," the statement reads.

The NBU says that since April 2014 it has repeatedly informed VAB Bank's managers and owners about potential risks for the bank's operation, which were revealed as a result of bank supervision.