The Central Bank of Russia decided to revoke starting January 23, 2012 a banking license held by Bank for Development of the Tourism and Travel Industry (Travel Bank), that is based in Moscow, the regulator said in a press release.
The PR department of the Bank of Russia noted that the decision taken by the Bank of Russia was driven by the lender’s 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)”.
“Due to the loss of liquidity Travel Bank failed to fulfill its obligations to creditors. Neither the bank’s owners nor management took efficient measures to restore the bank’s creditworthiness. 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.
Travel Bank will be under temporary administration until a receiver or a liquidator is appointed. The powers and authority of the bank’s executive bodies were suspended.
The lending institution’s previous corporate name is EvrocomBank. As Banki.ru data show, as of December 1, 2011 the lending institution’s net assets totaled 540 mln (No. 818 in Russia), capital (calculated in line with CBR requirements) equaled 220 mln and the credit portfolio totaled Rub 480 mln. The bank is not a member of the deposit insurance system.
