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1. What does the term "bank's related party" mean?
According to Article 52 of the law of Ukraine "On banks and banking activities", persons associated with the bank include:
1) bank controllers;
2) persons who have a significant interest in the bank and persons through whom these persons indirectly hold a significant interest in the bank;
3) bank managers, head of the internal audit unit, chief risk officer, chief compliance officer, heads and members of committees of the bank's board and management board;
4) related and affiliated parties of the bank, including members of the banking group (if any);
5) owners of qualifying shareholding in related and affiliated parties of the bank;
6) heads of legal entities and heads of banks that are related and affiliated parties of the Bank; head of the internal audit service; heads and members of committees of these entities;
7) associates of individuals referred to in clauses 1-6;
8) legal entities in which the individuals referred to above are directors or owners of qualifying shareholdings;
9) any person through whom a transaction is carried out in the interests of the persons referred to in this part.
A person shall be deemed to be related to the bank from the moment when the grounds for determining such person to be related to the bank arise in accordance with the requirements of this Article.
2. Who are the bank's controllers?
Controller is an individual or legal entity in respect of which there are no individual controllers and which has the ability to exercise decisive influence over the management or activities of a legal entity by directly and/or indirectly owning, alone or jointly with other persons, a share in a legal entity that corresponds to the equivalent of 50 percent or more of the legal entity's authorized capital and/or votes, or, regardless of formal ownership, to exercise such influence by virtue of an agreement or in any other way.
3. Who are related, affiliated and associated parties?
Related party— a legal entity that has common owners of a qualifying shareholding with the bank.
Affiliate of the bank — any legal entity in which the bank has a qualifying shareholding or which has a qualifying shareholding in the bank.
Associate — means a husband or wife, direct relatives of this person (father, mother, children, siblings, grandparents, grandchildren), direct relatives of the husband or wife of this person, husband or wife of a direct relative.
4. What does "a qualifying shareholding" mean in the bank?
Qualifying shareholding is the direct and/or indirect ownership by one person, alone or jointly with other persons, of 10 percent or more of the authorized capital and/or voting rights of shares or units of a legal entity or the ability to exercise significant influence over the management or operation of a legal entity independent of formal ownership. A person is recognized as the owner of an indirect significant interest regardless of whether such person controls the direct owner of the interest in a legal entity or controls any other person in the chain of ownership of corporate rights of such legal entity.
5. Why did I receive a letter in writing by mail/SMS/e-mail about the identification of me as a related party of JSC "COMINBANK" if I am not a client and have no established business relations with the Bank?
The Bank determines related parties in accordance with the criteria established by the legislation of Ukraine, regardless of the existence of business relations of such person with JSC "COMINBANK".
6. Do I need to contact JSC "COMINBANK" in case of receiving a letter of notification from it regarding the identification of me as a related party of the Bank?
No, you don't need to contact JSC "СOMINBANK". The letter was sent in compliance with the requirements of the National Bank of Ukraine (Regulation on Determination of Bank Related Parties approved by the NBU Board Resolution No. 315 dated 12.05.2015, as amended). The bank notifies such person no later than the next business day after determining the person associated with JSC "COMINBANK".
7. Can a related party use the services of JSC "COMINBANK"?
Yes. The definition of a related party of JSC "COMINBANK" does not restrict him/her in using the Bank's services if these services are provided on market terms (interest rate, commission, term of use, collateral requirements, etc. correspond to the standard terms of the Bank's products).
8. Can a related party of JSC "COMINBANK" obtain a loan from the Bank?
Yes, exclusively on standard terms (loan amount, interest rate, fee, term of use, collateral requirements must comply with the Bank's product standards).
However, the bank is prohibited from providing loans to any person for the purpose of:
1) repayment by this person of any obligations to a related party of the bank;
2) acquisition of assets of a related party of the bank, except for products manufactured by this person;
3) acquisition of securities placed or subscribed by a related party of the bank or to which a related party of the bank has rights.
During the period of martial law, in accordance with Resolution of the National Bank of Ukraine No. 57 "On Amendments to Certain Laws and Regulations of the National Bank of Ukraine" dated 21.03.2022 banks are prohibited from conducting active transactions with related parties in terms of entering into new loan agreements and agreements on the provision of financial obligations by the bank, entering into agreements on amendments to loan agreements in respect of
1) increase in the amount of loans and financial liabilities;
2) extending the terms of use of loans (except for agreements that provide for standard terms available to the public of borrowers).
9. Can a person associated with JSC "COMINBANK" open current and/or deposit accounts with the Bank?
Yes, the status of a related party does not restrict the use of current accounts or deposit accounts. At the same time, the current account or deposit rate cannot differ from the standard rate for a banking product.
During the period of martial law, in accordance with Resolution of the National Bank of Ukraine No. 23 "On Certain Issues of Activities of Ukrainian Banks and Banking Groups" dated 25.02.2022 banks are prohibited from early return of deposits to related parties of the bank, except for the use of early returned funds to increase the bank's capital.
Law of Ukraine "On the Individual Deposit Guarantee System", the Individual Deposit Guarantee Fund does not reimburse funds on deposits in the guaranteed amount of compensation (in the full amount of the deposit, including interest during the period of martial law in Ukraine and three months from the date of termination or lifting of martial law in Ukraine; after three months from the date of termination or lifting of martial law in Ukraine in the amount of not less than UAH 600 thousand) placed on deposit in a bank by a person who is or was a related party of the bank within one year prior to the date of the National Bank of Ukraine's decision to classify such a bank as insolvent (if the National Bank of Ukraine decides to revoke the banking license and liquidate the bank on the grounds specified in part two of Article 77 of the Law of Ukraine "On Banks and Banking Activities", within one year prior to the date of such a decision).
At the same time,, in accordance with the Law of Ukraine "On the Individual Deposit Guarantee System" the Individual Deposit Guarantee Fund does not reimburse funds on deposits in the guaranteed amount of compensation (in the full amount of the deposit, including interest during the period of martial law in Ukraine and three months from the date of termination or lifting of martial law in Ukraine; after three months from the date of termination or lifting of martial law in Ukraine in the amount of not less than UAH 600 thousand) placed on deposit in a bank by a person who is or was a related party of the bank within one year prior to the date of the National Bank of Ukraine's decision to classify such a bank as insolvent (if the National Bank of Ukraine decides to revoke the banking license and liquidate the bank on the grounds specified in part two of Article 77 of the Law of Ukraine "On Banks and Banking Activities", within one year prior to the date of such a decision).
10. What transactions cannot be made with a related party of the bank?
Pursuant to Article 52 of the Law of Ukraine "On Banks and Banking Activities", transactions with related parties of the bank may not provide for terms and conditions that are not current market conditions.
Under the current market conditions we do not consider, among other things, the following:
1) accepting less collateral for fulfillment of obligations than is required from other clients;
2) purchase of property of poor quality or at an inflated price from a related party of the bank;
3) making an investment in securities of a related party of the bank that the bank would not have made in another company;
4) payment for goods and services of a related party of the bank at prices higher than usual or in circumstances where the same goods and services would not have been purchased from another person at all;
5) sale of property to a related party at a price lower than the price the bank would have received from the sale of such property to another person;
6) accrual of interest and commissions for services provided by the bank to related parties that are less than usual;
7) accrual of interest on deposits attracted by the bank from related parties that are higher than usual;
8) transferring property for use to a related party of the bank at a price lower than the price the bank would have received from a non-related party or receiving property for use from a related party at an inflated price.
Transactions concluded by the bank with related parties on terms that are not current market conditions shall be recognized as invalid from the moment of their conclusion.
The National Bank of Ukraine exercises control over banks' transactions with related parties.
The National Bank of Ukraine has the right to impose restrictions on transactions of banks with related parties.