The Central Bank of Russia has revoked a banking license held by National Bank of Business Development (Registration No. 2795, Moscow).
Based on the data from the Bank of Russia, the decision to take measures of last resort was made as the lending institution failed to fulfill federal laws which regulate banking activities and also the Bank of Russia’s statutory acts.
National Bank of Business Development pursued a high-risk credit policy by investing the money in poor quality assets. Upon fulfillment of the supervisory body’s demand to form provisions adequate to the risks reasons arose to take measures to prevent the bank’s insolvency (bankruptcy).
In addition, the bank failed to timely fulfill its obligations to creditors or deposit holders. The bank’s management and owners took no measures to restore the bank’s financial standing.
National Bank of Business Development is a member of the national deposit insurance system.
