NBS delicenses Univerzal banka

At its meeting on January 31st, the Executive Board of the National Bank of Serbia decided to delicense Univerzal banka a.d. Beograd and to appoint the Deposit Insurance Agency its administrator, the NBS said in a release on its website.

The Executive Board stated that this move was preceded by a number of activities aimed at bringing the bank`s capital and performance ratios in compliance with the Law on Banks.

The bank’s financial condition deteriorated significantly and its critical undercapitalisation came as a threat to liquidity and business continuity. Given that all criteria for delicensing have been met, as provided by the Law on Banks, the National Bank of Serbia made a decision to revoke the bank’s operating license in order to protect depositors’ interests and to safeguard stability of the financial system.

Over the next week the Deposit Insurance Agency will take all measures within its scope of competence to ensure payment of insured deposits in accordance with the Law on Deposit Insurance.

The Deposit Insurance Agency announced in a release it would publish a notice stating the conditions, venues and deadlines for the payment of deposits insured with delicensed Univerzal banka.

According to the release, this notice will be published in public media and on the website of the Deposit Insurance Agency - www.aod.rs.