The Deposit Guarantee Fund has determined the winners of the tenders for the assets of insolvent banks: the fintech company Zen.com will acquire PIN Bank, and Asvio Bank will receive the assets and liabilities of Motor-Bank. The initial cost of the banks was UAH 138 million and UAH 172 million, respectively. This is reported by Delo.ua, citing a report by Interfax-Ukraine.
What is known about the sale
The winner in the case of the First Investment Bank (PIN Bank) was the international fintech company Zen.com, founded in Poland and represented by a bank in Lithuania and payment services in the UK and Singapore. At the same time, Asvio Bank will receive the assets and liabilities of Motor-Bank. According to the Managing Director of the Fund, Olga Bilai, 11 participants showed interest in the tenders: five banks and six non-bank institutions. Of the non-bank companies, two passed the preliminary qualification of the National Bank of Ukraine. As a result, two proposals were submitted for each of the banks. In the case of Motor-Bank, it is envisaged that all liabilities, including the claims of creditors of the eighth tier, will be transferred to the new owner.
The Deposit Guarantee Fund has estimated Motor-Bank and PIN Bank at over UAH 300 million
The Deposit Guarantee Fund has determined the initial value of 100% of Motor-Bank shares at UAH 172.68 million, and PIN Bank at UAH 138.16 million. Temporary administration was introduced in both banks on February 20, 2026, after the National Bank’s decision on their insolvency. Previously, the institutions were placed under state control by the decision of the Supreme Anti-Corruption Court in connection with sanctions against their majority owners. According to the NBU, at the beginning of the year, Motor-Bank ranked 56th among 60 banks with assets of UAH 379.2 million and a loss of UAH 16.3 million for 2025. PIN Bank was 59th with assets of UAH 212.7 million and a loss of UAH 63.2 million. At the same time, Asvio Bank ranked 38th with assets of over UAH 5.5 billion and ended the previous year with a profit of UAH 2.1 million.
About Motor-Bank
Motor-Bank JSC was registered in 2007. In 2009, the name was changed to Motor-Bank PJSC. Currently, it is a universal bank that provides a full range of services to corporate and private clients. Motor-Bank JSC is located at: Zaporizhzhia, Motorobudivnyky Avenue, building 54-B. Ukraine became the owner of 100% of the shares of Motor-Bank JSC, which were confiscated from the former president of Motor Sich Vyacheslav Boguslaev, suspected of treason. The SBU detained Boguslaev on October 22, 2022. According to the special service, he established transnational channels for illegal supply to the aggressor country of wholesale batches of Ukrainian aircraft engines, which the occupiers used for the production and repair of attack helicopters.
About PIN Bank
Previously, PINbank was controlled by Russian Yevgeny Giner, who is also the president of the CSKA football club (Moscow). On October 22, 2022, Ukraine imposed sanctions against him. In turn, the confiscation of 88.9% of shares in PINbank required a separate decision of the Supreme Anti-Corruption Court, which was adopted on February 27, 2023 and confirmed by the Appellate Chamber of the Supreme Anti-Corruption Court on March 13 of the same year. In January 2024, this share was transferred to the State Property Fund, and on January 28, 2025, the Ministry of Reconstruction received the authority to manage it. The minority owners of First Investment Bank remain Oleg Kolesnyk (7.49%), Nelya Kostenko (1.25%), Mykola Pogribnyak and Andriy Garkusha (0.94% each), as well as a citizen of Uzbekistan Dzhokhongir Yuldashev (0.49%). Currently, PINbank is a small institution with only 11 branches.
What is known about Asvio Bank
Asvio Bank is a Ukrainian commercial bank with private capital, founded as one of the first in the country in 1991. The head office is located in Kyiv, 45 branches of the bank operate in 15 regions of Ukraine. The bank operates in the “boutique bank” format, focusing on individual work with clients. The bank provides a full range of banking products and services for legal entities, individual entrepreneurs and private clients. In particular, the bank offers personal private banker services, settlement and cash services, flexible deposit and credit programs, currency exchange operations, various card products.
What is known about Zen.com
Zen.com is an international fintech company founded in 2018 in Poland by David Rozhek, co-founder of the G2A gaming marketplace. The company operates as a non-banking institution and offers comprehensive financial solutions for individuals and businesses. Among the main services are multi-currency accounts, payment cards, international transfers and the ZEN Care purchase protection program. In 2023, Zen.com entered the Ukrainian market, integrating with PrivatBank and international payment systems Mastercard and Visa. Ukrainian users can receive transfers from Europe via PrivatMoney, top up accounts through terminals and take advantage of preferential conditions during promotions. The company is licensed by the Central Bank of Lithuania and uses modern security protocols to protect financial data. For businesses, Zen.com offers payment gateways and corporate accounts that allow you to accept payments in different currencies with minimal commissions. For businesses, Zen.com offers payment gateways and corporate accounts that allow you to accept payments in different currencies with minimal fees.
