The Individuals' Deposit Guarantee Fund has placed joint-stock company Zlatobank under temporary administration from February 14 for a period of three months – until May 13, 2015.

The fund said on Saturday that the decision was made on the basis of a National Bank of Ukraine (NBU) resolution of February 13, 2015 on listing the bank in the insolvent banks category.

Valeriy Slavinsky has been appointed temporary administrator at Zlatobank.

According to a bank report as of February 11, 2015, the total deposits of over 115,000 individuals amounts to UAH 4.2 billion. The fund said that 97.4% of depositors have deposits within the guaranteed sum of UAH 200,000. It is planned that UAH 900,000 will be compensated, including UAH 400,000 during the temporary administration period.

The fund said that 81% of liabilities to depositors-individuals are deposits in foreign currency, and deposits in banking metals were worth UAH 600 million.

Zlatobank was founded in 2008. The largest shareholder of the financial institution on October 1, 2014 was Avangard-Expo LLC (97.94%), the sole beneficiary - Olena Yakymenko.

Zlatobank ranked 27th among 166 operating banks as of October 1, 2014, in terms of total assets worth UAH 43.379 billion, according to the National Bank of Ukraine.