Important notice: Arkada Bank (JSC Arcada Bank) is permanently closed. The National Bank of Ukraine revoked its banking license in September 2020 after declaring the bank insolvent. Liquidation was completed in 2023. This article provides information for former customers seeking funds recovery and alternative Ukrainian banking options.
⚠️ Arkada Bank closure timeline
Arkada Bank was a public joint stock bank headquartered in Kyiv (Kiev), Ukraine. Here’s what happened:
- September 2020: National Bank of Ukraine (NBU) declared Arkada Bank insolvent
- September 2020: NBU revoked the banking license at the request of the Deposit Guarantee Fund (DGF)
- 2020-2023: Liquidation process conducted by the DGF
- 2023: Liquidation completed – bank officially ceased to exist
- Ongoing: Criminal investigation into embezzlement of ₴9 billion related to construction financing
💰 For former Arkada Bank depositors
If you had deposits with Arkada Bank, the Deposit Guarantee Fund of Ukraine (DGF) handled compensation for eligible depositors:
- Guarantee coverage: Individual deposits were guaranteed up to ₴200,000 (approximately $7,500 at 2020 rates)
- Depositor notification: Over 90% of depositors (more than 5,000 people) were eligible for full refunds
- Claims process: The DGF managed the payout process during 2020-2023
- Current status: The claims period has likely ended – contact DGF for late claims inquiries
Contact the Deposit Guarantee Fund of Ukraine:
- Website: fg.gov.ua
- Hotline: 0 800 500 165 (free within Ukraine)
- Address: 17B Sichovykh Striltsiv Street, Kyiv, 04053, Ukraine
🏦 Alternative banks in Ukraine (2026)
Ukraine currently has 76 licensed commercial banks. If you need to open a new account, here are some major Ukrainian banks with modern online banking:
Systemically important banks (largest and most stable):
- PrivatBank – Ukraine’s largest bank (state-owned), excellent Privat24 mobile app
- Oschadbank – State savings bank, extensive branch network
- Raiffeisen Bank Ukraine – Austrian-backed, strong digital banking
- UKRSIBBANK (BNP Paribas) – French-backed, reliable services
- Credit Agricole Bank Ukraine – French banking group subsidiary
- OTP Bank Ukraine – Hungarian banking group presence
Digital-first options:
- monobank – Mobile-only bank, highly rated app, no branches
- sportbank – Modern digital bank for everyday banking
All licensed Ukrainian banks are supervised by the National Bank of Ukraine and participate in the Deposit Guarantee Fund, which protects individual deposits up to the current guarantee limit.
📋 Why Arkada Bank failed
Arkada Bank’s insolvency was linked to problems in its core business model. The bank was heavily involved in financing real estate construction projects, including the Arkada-City residential complex in Kyiv. Key issues included:
- Construction financing concentration: Over-reliance on real estate development loans
- Asset quality problems: Significant non-performing loans and questionable valuations
- Capital adequacy issues: Failed to meet NBU capital requirements
- Alleged fraud: Criminal investigation into embezzlement of ₴9 billion in construction funds
The bank’s closure was part of Ukraine’s broader banking sector cleanup, which reduced the number of banks from over 180 in 2014 to approximately 76 by 2026.
❓ Frequently Asked Questions
Can I still access my Arkada Bank account?
No. All Arkada Bank accounts were closed as part of the liquidation process completed in 2023. The bank no longer operates in any capacity.
Can I recover my deposits?
The claims period through the Deposit Guarantee Fund has likely ended. Contact the DGF directly at fg.gov.ua to inquire about any remaining options for late claims.
What happened to Arkada Bank’s loans?
Outstanding loans were transferred to the DGF as part of the liquidation process. If you had an outstanding loan with Arkada Bank, you should have been contacted about repayment arrangements. Contact the DGF if you have questions about loan obligations.
Is there a successor bank to Arkada Bank?
No. Arkada Bank was liquidated entirely and has no legal successor. If you need banking services, you’ll need to open an account with a different Ukrainian bank.
Last updated: January 2026. This article is provided for informational purposes for former Arkada Bank customers. For official information about the bank’s liquidation, contact the Deposit Guarantee Fund of Ukraine.
Last Updated on January 4, 2026
URL: https://log-in.me/arkadabank-kiev-ukraine/