Seven of Ukraine's 59 solvent banks currently have authorised capital below the country's new minimum requirement of UAH250mn ($5.7mn), according to data from VKURSI, reported Ukraine Business News.

The seven institutions would collectively need to increase their authorised capital by approximately UAH302.45mn ($6.9mn) to meet the new threshold. The remaining 52 banks, accounting for 88% of Ukraine's solvent banking sector, already have authorised capital of at least UAH250mn.

The Verkhovna Rada, Ukraine's parliament, approved Bill No. 13007-d on September 2, raising the minimum authorised capital requirement for banks from UAH200mn ($4.6mn) to UAH250mn. Existing banks that fall below the new threshold have six months to bring their capital into compliance.

The institutions currently below the requirement include Citibank and Bank Familny, each with authorised capital of UAH200mn, while Kominbank has UAH215.75mn. AVANGARD BANK has UAH231.8mn and Trust Capital has UAH200mn. Bank Ukrainskyi Kapital has authorised capital slightly above UAH200mn, while Policombank has exactly UAH200mn.

Two of the seven banks are wholly foreign-owned. Citibank is owned by US banking group Citigroup, while AVANGARD BANK is owned by Cyprus-based interests. The other five institutions are privately owned Ukrainian banks.