The Bank of Russia decided to cancel a banking license held by National Industrial Bank (Moscow, Registration No. 2360) starting November 28, 2011, the PR department of the Central Bank of the Russian Federation reported.
The lender’s license was cancelled due to the non-fulfillment of federal laws regulating banking activities and CBR statutory acts, its inability to meet monetary claims of creditors and also taking into account the application on numerous occasions of the measures stipulated in the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)”.
In accordance with CBR’s 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.
National Industrial Bank is a member of the national deposit insurance system. The revocation of a banking license is an insured event as provided for in the Federal Law “On Insuring Private Deposits Held with Banks of the Russian Federation”.
