The Bank of Russia cancelled a banking license held by Imbank (Registration No. 2098, Makhachkala), the regulator said in a press release.
The Bank of Russia revealed a large shortage of cash at Imbank, and, the lending institution also failed to comply with the regulator’s demand to compile provisions adequate to losses and provided the Bank of Russia with “materially unreliable financial statements concealing the reasons for measures to be taken to prevent the bank’s insolvency (bankruptcy)," the regulator’s press release said.
In addition, the bank got involved in suspicious operations. Meanwhile the lending institution’s executives and owners took no actions to take its activities back to normal. Imbank is a member of the national deposit insurance system, and the revocation of its banking license is an accident insured as provided for by the federal law on insuring retail deposits at banks.
