The National Bank of Ukraine (NBU), has ordered another bank’s license to be revoked and liquidated. 

The bank, ‘Radical Bank’ has been in operation in Ukraine since 2010. According to the NBU, 71% of its shares are owned by Ukrainian businessman, Alexander Shpak, through another company.

Reports in the Ukrainian press suggest the bank has links with former President Viktor Yanukovych.

It is thought the liquidation of the bank will be completed in two years.

The removal of the bank’s license comes as little surprise. It was known that the company was bankrupt as early as July, 2015.

In June of this year, the NBU shut Energobank. With the economy in such trouble, more bank closures in the country are likely.