The Bank of Russia has revoked a license held by Moscow-based Bank Codex, the PR Department of the Bank of Russia reported. The license was revoked “due to the non-fulfillment of the obligations to creditors owing to the loss of liquidity," the regulator said in a press release.
The media wired earlier that Bank Codex’s extraordinary shareholders meeting would review on October 18 the issue of the lending institution’s winding-up and applying to the Bank of Russia seeking to annul or revoke the bank’s banking license.
“The bank did not take measures to restore its financial standing. Under the circumstances the Bank of Russia was required to revoke the lending institution’s banking license," the Bank of Russia said in the press release.
As the bank reported earlier in September, since September 20 the regulator imposed restrictions on Bank Codex’s settlements under orders given by businesses to wire funds to the budgets at all levels and to government off-budget funds. In this connection, the bank said that it has no right to accept for execution payment orders from customers to carry out said operations.
