The Bank of Russia revoked a license held by First Republic Bank (Registration No. 1730), the regulator’s press service reported.
CBR decided to strip the lender of its license due to the non-fulfillment of federal laws regulating banking activities and CBR’s statutory acts, and the bank’s failure to meet monetary claims of creditors.
According to the Bank of Russia’s information, First Republic Bank pursued a high-risk credit policy by investing the money in poor quality assets. In addition, the bank failed to timely fulfill its obligations to creditors or deposit holders.
The bank’s management and owners took no efficient actions to normalize its activities or restore its financial standing.
The Bank of Russia emphasized that there was no possibility to rehabilitate the financial institution with participation of the State Depositary Insurance Agency (DIA).
First Republic Bank is a member of the national deposit insurance system.
