Union Banka: withdrawal of banking licence

At its meeting today, the Bank Board of the Czech National Bank decided, on the proposal of the appeal committee, to withdraw Union banka's banking licence. The decision comes into force on the date on which it is delivered.

The reason for the CNB Bank Board's decision today is the persistence of a serious shortcoming in the bank's activities within the meaning of Article 26(3)(b) of the Act on Banks, namely that the bank, in contravention of Article 14 of the Act, has failed to maintain its solvency both in the Czech currency and in foreign currencies on a solo basis at all times.

Alice Frisaufova
CNB spokesperson