The Bank of Russia has cancelled effective May 5 the banking license held by International Commercial Industrial Bank (based in Tver) and appointed a temporary administration team at the bank, the PR department of the Central Bank of the Russian Federation reported on Thursday.
A decision to revoke the license (Order No. OD-338 dated May 4, 2011), as the Bank of Russia noted in a press release, was made as the bank violated federal laws regulating banking activities and also CBR’s statutory acts, because the bank’s capital adequacy ratio fell below 2% and its equity capital declined below the minimal threshold set by CBR on the date of the lending institution’s state registration.
International Commercial Industrial Bank is a member of the national deposit insurance system.
