As of October 1, 2013 the Bank of Russia annulled a banking license held by Swedbank.
The media wired this April that Swedbank plans to scale down operations in Russia and Ukraine. This August Swedbank AB decided to wind up its Russian subsidiary and submitted a request seeking to cancel the bank’s banking license.
The bank’s clients were advised to close their accounts and deposit accounts as soon as possible, as well as operation IDs and transfer them to other banks.
In line with the Bank of Russia’s PR department, Swedbank’s license was cancelled on the basis of Article 23 of the Federal Law “On Banks and Banking Activities” as the lending institution’s authorized body made a decision to terminate the bank’s activities through the winding-up pursuant to Article 61 of the Civil Code of Russia and submitted a relevant request to the regulator.
Taking into account the data provided by the lender, the lending institution holds sufficient funds to meet creditor claims.
The lending institution is a member of the national deposit insurance system.
