"WAB Bank": reviews of depositors, deposits, problems

"WAB" bank, reviews of investors about which in recent years began to appear with a negative connotation, is a universal credit and financial organization, on the account of which there are quite large foreign investments. The main services of the organization are working with corporate clients and individuals, investment activities and international customer service, interbank operations. The history of the creation of VAB Bank goes back to 1992. According to the rating classification of banks according to the version of the NBU, the institution belonged to the first place in the group of the largest financial organizations in the country. The branches of the financial organization worked in all corners of the state.

"VAB" bank, reviews about which you can meet both bad and good, supported the international payment system. These are VISA International, MasterCard and International. The powers of the bank included the payment of funds under the pension programs.

What attracted to cooperation?

"WAB" bank has always attracted the attention of investors, as it had an impeccable reputation. A large financial institution should not have gone bankrupt even in times of severe crisis. The size of the bank and the number of branches in Ukraine showed that the system will not collapse. The company acted as the backbone of the entire financial structure of the country, and its default in priority should hit the economy. Within the bank, the most profitable dollar exchange rate has always been available. Clients were offered a variety of financial services with a minimum cost. Separately, we can say about deposits, which, compared to other offers on the market, looked very attractive. Over the course of almost twenty years of the bank's existence, there have never been complaints from clients, both interest and deposits were paid on time. This all in a complex and has provided trust to a financial institution, has involved to cooperation of many investors. That only well-lived crises of 1998 and 2008 are worth.

What the numbers say, or Last positive statistics

Despite the very good reputation of the bank, the latest statistics indicate the presence of certain difficulties in the financial institution. According to statistics, the institution takes the first place in the rating of Ukrainian banks and is a participant of the second group. The authorized capital of the institution "VAB" bank, whose reviews are not the best, is equivalent to 3,048,619 thousand hryvnia. Net interest income for the last reporting period, in accordance with the data provided by the bank, 475 543 thousand hryvnia. There is another interesting indicator that reflects the situation - profit for the reporting period, which is almost minus 50 thousand hryvnia. Against the background of other indicators, the amount is not significant, but it is worth thinking about the liquidity of the financial institution.

Where did the first problems begin?

For the first time investors "WAB" bank, whose branches worked throughout Ukraine, began to experience difficulties with payment of deposits as early as in the spring of 2014. Moreover, the delay was not only in the aspect of repayment of deposits, but also in the payment of interest on deposits. The management of the bank did not allow panic at that time and constantly emphasized that soon the financial institution would receive a good refinancing, and all the problems, temporary difficulties will go to the distant past.

This statement was not a fraud, and at the beginning of the crisis period the financial institution did receive good funding due to the fact that Oleg Bakhmatyuk managed to reach an agreement with the new government. The management of the bank takes a decisive step and announces the issuance of deposits in the amount of 1000 hryvnia per day. A considerable tranche eventually disappears practically without a trace. There are assumptions that large material aid was spent on supporting Bakhmatiuk's business and maintaining the currency. Although it is simply impossible to prove these facts. In addition, the media repeatedly wrote that it is on the money depositors of the company "VAB" bank, whose opinions are frightening, the businessman is building his own agrarian business.

Let's return to the return of deposits. The established limit of 1000 hryvnia did not last long. At the established limit on hands anybody of the given sum did not receive. In order not to scare off investors by lowering the limits to 500, 300 hryvnia, the leaders acted quite differently. In fact, real money was in the bank's cash desks no more often than 1-2 times a week. Transfers to other accounts were closed. For the premature termination of the contract, customers had to pay 10% of the deposit. And it was just the tip of the iceberg. This all put the reputation of the financial institution "PSA" bank under attack. The 2014 comments were the first signals of an upcoming crisis.

Which leads to suspicion: misconduct management

According to the latest information from the media, the owner of shares of the company "WAB" bank, reviews of investors about which every month is getting worse and worse, is already known in Ukraine Bakhmatyuk. Despite the fact that the owner of shares denies his involvement in the bank, the facts show the opposite. As it was possible to find out, the financial institution credits simultaneously 4 companies which are the property of Bakhmatiuk: "Rise Maximko" and "Niva", "Spetsagraproekt" and "Agro Alpha". Moreover, the management of a financial institution is a person close to the latter, who acted in the person of his representatives in a number of court hearings. It is interesting that loans to agricultural companies were given at ridiculous interest rates, within 16%, which is almost equal to deposit programs and does not cover the losses of a financial institution. In the press, there are more and more frequent statements that "VAB" bank, negative reviews, was bought exclusively for the purpose of lending to the aforementioned agrarian companies, and it was not even a question of mutually beneficial partnership with individuals and corporate clients. The illiterate policy of the new leadership has led to the fact that the bank's comments on the financial institution "PSA" leave much to be desired.

Bumbling in the machinations: a history of problems

In addition to illegal and unskilled actions on the part of the new government of the VAB financial institution, the fate of the enterprise was determined by financial fraud, which was repeatedly mentioned in the newspaper Vecherniye Vesti.

Initially, the public became available information about strikes of cashiers who completely refused to carry out currency transactions that do not fall under the law at the request of the leadership. An unexpected check of the bank confirmed that in the framework of the institution operations were carried out for an amount exceeding $ 4 million. This is 10 times more than the currency was actually bought from individuals. We note here that the rate of buying and selling American currency on the market at that time was one of the most attractive for the bank.

The situation is decorated by the fact that the purchase of currency by an ordinary client in the amount of $ 100-200 was impossible, since the cashiers constantly spoke about the lack of cash at the checkout. The audit showed that hundreds of thousands of dollars were bought every day in the department, and this is only in one hand. At the same time, payments were broken into several parts in order not to attract attention. Used forged documents. All receipts were signed by the cashiers themselves. The total volume of transactions during the day sometimes exceeded $ 2 million, which is reflected in the documents. The NBU has not been able to establish how things are in the bank, as the volume of operations performed did not coincide with the actual actions of the cashiers. In addition, video records were not fully provided during the check, and some tapes were also mounted. On this fact of violation, the bank lost confidence in the NBU and was at risk of losing a license. The fraud spoiled the reputation of the establishment of the "PSA" bank, the reviews began to appear very negative.

How do depositors suffer?

The illiterate policy of the new leadership, which allows issuing multimillion-dollar interest - free loans, negatively affects the bank's performance of its obligations to depositors, which are many. The activity strategy, in parallel with the distortion of reporting, affects reputation. This explains the fact that the establishment of the "PSA" bank reviews of depositors in recent years are negative. According to clients who have had many years of cooperation with the latter and have never had any complaints, today there are certain disorders. This is the failure to pay deposits after the expiry of their terms. Special difficulties are associated with dollar deposits. Attempts by the financial institution to eliminate difficulties by attracting the capital of foreign investors resulted in a failure, therefore, acute problems with deposits remained in limbo.

How does the withdrawal of deposits take place, and is it conducted at all?

About the problems with the company "WAB" bank reviews say systematically. Investors not only can not get their own money, they experience a number of inconveniences in connection with the lack of full-fledged cooperation. There are systematic reports about the inoperability of online banking and the lack of the ability to make transfers. If funds previously transferred to a card account from a deposit could be withdrawn from Atmosfera ATMs or by cashless settlement in stores, today this option is not available. Customers do not even have the option to transfer their savings from one account to another.

There is no systematic money at the box offices, and ATMs are empty. The management of VAB Bank in the person of Oleg Bakhmatyuk filed an appeal to the NBU for the capitalization of the institution. Unfortunately, the request was refused, since the policy of the institution has long been called into question. With the last hope, the depositors stayed long queues at the beginning of 2015, which did not bring any result. The only hope for a refund is payments by the insurance fund, albeit partial.

Rallies and protests - the extremes to which investors are traveling

About the company "WAB" Bank customer references for the last year there are only negative. People in a panic are trying to get their savings back. After the introduction of a temporary amnesty by the NBU, the institution was declared insolvent. In the society, the heated situation was not limited to negative reviews. People went out to meetings, tried to communicate personally with the leadership of the organization, which, to be honest, did not bring any results. There was even a story in Kiev, about which they wrote in local mass media, when women took to the streets with posters calling for the return of funds, and blocked the traffic of cars on the streets of Kiev. For many years of productive work of the bank, a lot of clients have accumulated, the more the former management of the financial institution has always built its work in such a way as to fulfill all its obligations to customers. The only thing that pleases investors today is a statement by Alexander Pisar who occupies the main post of the first deputy of the NBU. According to him, the relevant services are taking all actions to withdraw the "PSA" bank (Ukraine) from the market and at the same time to satisfy most of the creditors' claims.

Payments from the Guaranteed Deposit Fund: Is it worth it to expect a legal minimum?

After in September 2014 in "WAB" the bank, whose problems were affected by thousands of people across Ukraine, the temporary administration was introduced, the Guaranteed Deposits Fund undertook to pay about 200 thousand hryvnia to each depositor if the deposit size is equal to or greater than the established standard . Payments were set for the end of 2014, and it was during this period and in the cash desks of the other branches that were operating, and in the offices of Ukrsotsbank, queues began to be collected. The clients of the "WAB" organization, whose deposits a few years ago attracted a lot of people, were registered in the lists to determine the time of payments. The next day after the visits, no money was paid.

History continued from day to day. People had to draw up cards and gradually receive payments on them. Information on the relative full performance of obligations from the NBU deposit guarantee fund has not yet been received. The situation remains today.

Who blames Bakhmatyuk, or the Situation through the eyes of a Ukrainian businessman

The situation in which the bank "VAB" got hit on the pocket of many residents of Ukraine. But the most interesting thing in the circumstances is that the main owner of shares in the financial institution Bakhmatyuk does not admit his guilt. He imposes responsibility for what happened at the NBU. According to him, he offered to save the situation by becoming an investor of the institution, he planned to invest 3 billion hryvnias as a shareholder in the "PSA" bank (Kiev). NBU also promised to make a capitalization of 4 billion hryvnia. However, at the last moment the state refused to capitalize. The second attempt of the Ukrainian businessman to save the situation is the provision of a subordinated debt to the bank for 10 years, but because of the affiliated investor's portfolio, the proposal was rejected. The reason for such a decision of the NBU was the commission, which came to the bank with a check and fixed the fact of financial fraud. In detail, the internal affairs of the bank could not be assessed even by experts, provided all available statistical information is available. The media were inclined to the fact that the inability to monitor the situation pushed the NBU to liquidate the country's largest bank.