As of July 11, 2014 the Bank of Russia has revoked a banking license held by Moscow-based commercial bank Retail Lending Company (Registration No. 3385), the regulator said in a press release.
Retail Lending Company (RLC) pursued a high-risk lending policy and failed to compile loan loss provisions adequate to the accepted risks, the Bank of Russia specified. In addition, the bank failed to comply with the requirements of laws relating to the counteraction of legalization (laundering) of criminal income and the financing of terrorist acts.
RLC is a member of the national deposit insurance system.
This week, as Banki.ru reported, only one operation (currency exchange) has become available for new retail clients of Retail Lending Company. “We’re merging with Rossiysky Credit, for this reason opening new accounts and deposits, as well as deposit increments, are technically not possible," an operator of the bank’s call center told the portal, emphasizing the bank is prepared to close deposit accounts. Meanwhile, Rossiysky Credit and M Bank, the latter is also going to merge with Rossiysky Capital, claimed that retail operations are conducted on a routine basis.
