Effective August 26 the Bank of Russia has cancelled a banking license held by Bank Eurosoyuz (Moscow, Registration No. 3411). As the regulator’s PR department said, a decision to apply the measure of last resort was adopted due to the bank’s failure to fulfill federal laws regulating banking activities and CBR’s statutory acts, identified instances of presentation of unreliable reports, the inability to meet monetary claims of creditors, and also taking into account the numerous application of the measures stipulated by the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” during a year.
Due to the loss of liquidity Bank Eurosoyuz failed to fulfill its obligations to creditors in a timely manner. The lending institution pursued a high-risk credit policy and did not fulfill fully CBR’s requirements based on laws and statutory acts for the reliable assessment of its assets and the formation of adequate reserves against possible loan losses.
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.
Commercial Bank Eurosoyuz was established in 2002. According to the bank’s data, its primary owners are spouses Andrey and Olga Medvedevs, Valentin Khintinsky, Igor Timofeev, Sergey Belov, board chairman Vitaly Ryazanov, Alexey Sukhovsky and Andrey Tolmachev.
As Banki.ru data show, as of August 1, 2011 the lending institution’s assets stood at Rub 190 mln (No. 939 in Russia), capital (calculated in line with CBR requirements) came to Rub 80 mln, the credit portfolio totaled Rub 180 mln and obligations to households equaled zero.
