KIEV, Sept. 30 – Bank Finance and Credit has announced a default on $100 million in loan participation notes, reporting via subsidiary Finance & Credit Ukraine B.V. that it has been declared insolvent.

"Pursuant to decision No. 171 dd. 17.09.2015 of the State Individuals Deposit Guarantee Fund, the Borrower has been placed under temporary administration for the three-month period until 17.12.2015," the bank reported on the Irish Stock Exchange.