Starting June 5, 2008 the Central Bank of Russia has revoked the license from the Bank for the Lending of Industrial Concerns (Promcreditbank, Moscow, registration #3348), the PR Department of the Central Bank of Russia reported this morning.
The lender’s license was cancelled due to numerous violations of the anti-money laundering law. As CBR concluded, Promcreditbank failed to meet the deadline for submitting to Rosfinmonitoring information about operations that are subject to mandatory supervision. In the second half of February and in March 2008 specific residents, the bank’s clients, performed transit operations on a systematic basis that lacked evident economic sense largely with promissory notes issued by lending institutions and other legal entities that are not lending institutions. The aggregate value of such operations totaled some Rub 9 bln in the given period.
Promcreditbank is a member of the national deposit insurance system. The revocation of the banking license is an accident insured, as specified by the relevant federal law.
At the same time, the Central Bank of Russia appointed starting June 2, 2008 a provisional administration at the bank until the arbitration court issues a ruling to declare the bank bankrupt and bankruptcy proceedings are initiated (a bankruptcy manager is appointed) or until the arbitration court’s ruling appointing a liquidator takes effect.
