The Bank of Russia decided to revoke a banking license held by Irkutsk-based Bank Radian (registration #1675), the regulator’s press service reported.
Bank Radian pursued a high-risk lending policy, formed to loan provisions adequate to the accepted risks, failed to comply with the laws regulating banking activities and violated many times during a year the requirements of Article 7 (except for Clause 3 of this article) of the anti-money laundering law, the Bank of Russia reported. Last year the bank conducted suspicious operations for over Rub 4.8 bln. The bank’s executives and owners took no actions to get its activities back to normal, the regulator specified.
A temporary administration team was appointed at Bank Radian, and the power and authority of the bank’s executive bodies were suspended. Bank Radian is a member of the national deposit insurance system, but the revocation of a license is an insured accident as provided for in the Federal Law “On Insuring Retail Deposits at Banks of the Russian Federation”.
