The Bank of Russia decided to cancel the banking license held by Objedinenny Gorny Bank (Moscow, registration #2925) starting March 4, 2010, the PR department of the Central Bank of the Russian Federation reported.
“The bank’s license was revoked due to the non-fulfillment by the lender of the federal laws regulating banking activities and CBR statutory acts, identified instances when unreliable reports were submitted, the application of measures stipulated by the Federal Law “On the Central Bank of the Russian Federation” within a year on numerous occasions, and also taking into account the fact that as of January 1, 2010 the lending institution’s equity did not comply with the requirements of the Federal Law “On Banks and Banking Activity” (Rub 90 mln) and did not apply seeking authorization to be re-registered as a non-banking lending institution," CBR said.
In accordance with the CBR order, a temporary administration commenced work at the bank until a bankruptcy receiver or a liquidator is appointed. In accordance with the federal laws the powers and authority of the lending institution’s executive bodies were suspended.
Objedinenny Gorny Bank is a member of the national deposit insurance system. The revocation of a banking license is an accident insured as provided for by the Federal Law “On Insuring Household Deposits Held with Banks of the Russian Federation”.
