Escrow account

this is an escrow account of funds until counterparties fulfill their obligations

Provides the mechanism for payments during the squeeze-out procedure (mandatory ordinary shares sale by shareholders at the request of the person (persons acting together) owning the dominating majority shareholding) defined in article 652 of the Joint-Stock Companies Law of Ukraine.

Conditions

Corporate and retail banking services for the escrow account (escrow) is 1% of the sum credited into the escrow account (escrow), provided that the sum is not less than 10,000 hryvnas. 

Advantages

1. As a third party, the Bank acts as a guarantor of contractual obligations to counterparties
2. From the moment the funds are credited to the account, they do not belong to either the buyer or the seller until the grounds specified in the contract occur

To receive payment the former shareholder with the shareholding of less than 5%: 

1. applies to the bank department; 
   
   
2. signs the application for paying of the escrow account funds;
   
   
3. goes through verification and identification required by the NBU.