Central Bank of Russia decided to revoke the banking license of a credit institution
The Central Bank of Russia has issuesd a press releases to inform regarding its decision to revoke the banking license of a Russian Bank.
According to the press release, the decision is due to the non-compliance by the Moscow-based credit institution Joint-Stock Commercial Bank Credit-Moscow (public joint-stock company) or Bank Credit-Moscow (PJSC) with federal banking laws and Bank of Russia regulations.
All capital adequacy ratios being below 2 percent, decrease in capital below the minimal value of the authorised capital established by the Bank of Russia as of the date of the state registration of the credit institution, repeated application within a year of measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’, and guided by Article 19, Clause 6 of Part 1 and Clauses 1 and 2 of Part 2 of Article 20 of the Federal Law ‘On Banks and Banking Activities’ and Part 11 of Article 74 of the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.
The Bank of Russia took a decision (Order No. OD-2339, dated 22 July 2016) to revoke the banking licence of the credit institution Joint-Stock Commercial Bank Credit-Moscow (public joint-stock company) (Bank of Russia Registration No. 5, date of registration — 9 April 1991) from 22 July 2016.
Source: CBR
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