The Deposit Guarantee Fund for Individuals has completed the resolution process for JSC “First Investment Bank” (PINBank). Following recapitalization by a new owner and fulfillment of the National Bank of Ukraine’s requirements, the financial institution has regained solvency and resumed full operations in the market.
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As reported by the Guarantee Fund, the results of the NBU’s inspection confirmed the bank’s compliance with regulatory requirements. Consequently, the Fund has terminated the powers of its curator, and PINBank is resuming its activities as a full participant in the banking sector.
All temporary restrictions stipulated by the legislation on the deposit guarantee system are also being lifted. In particular, the bank can fulfill its obligations to clients without limitation, including the payment of deposits and the accrual of interest.
PINBank was declared insolvent in February 2026. At the end of April, 100% of the bank’s shares were acquired by the Lithuanian fintech company ZEN.COM for UAH 175 million.
The Guarantee Fund notes that the chosen resolution model has allowed to avoid the cessation of the institution’s operations and ensure continuous customer service. Depositors and creditors have retained access to their funds, and the deposit guarantee system has not incurred additional financial burden.
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“The PINBank case demonstrates that even in the challenging conditions of wartime, the mechanisms for resolving insolvent banks are functioning. The Fund ensured a transparent and competitive process for finding an investor, which not only preserved the bank’s continuous operation and fulfillment of its obligations to clients but also attracted an international strategic investor,” stated Olga Bilay, Executive Director of the Deposit Guarantee Fund for Individuals.
According to her, this is the fifth instance of successful resolution of an insolvent bank implemented by the Fund during the full-scale war. She also emphasized that PINBank’s return to normal operations is the result of cooperation between the Guarantee Fund, the National Bank of Ukraine, the National Securities and Stock Market Commission, other state institutions, and the foreign investor.
The bank’s new owner has already recapitalized the institution and fulfilled all necessary requirements of the regulator. ZEN.COM considers the investment part of its long-term strategy for developing financial services in Ukraine.
“The successful completion of all resolution procedures marks a new chapter in PINBank’s history. For ZEN.COM, a European fintech company serving clients in 33 markets, this investment is a testament to our long-term commitment to building modern financial infrastructure and supporting economic growth,” said Michal Boguslawski, CEO of ZEN.COM in Europe.
The company added that they view the Ukrainian market as a promising direction for long-term development and plan to contribute to the further strengthening of PINBank’s position in the country’s financial sector.
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Source: DGF.