As of August 28, 2014 the Bank of Russia has revoked a banking license held by Moscow-based Interindustry Banking Corporation (IBC, Registration No. 3471), the Bank of Russia said in a press release.
IBC conducted a high-risk lending policy and piled up no loan loss provisions adequate to the accepted risks. Throughout 2013 and in the first half of 2014 the lending institution was involved in suspicious transactions when its clients wired substantial amounts abroad, CBR said in a press release. The bank’s management and owners took no measures required to bring its activities back to normal.
The bank is not member of the national deposit insurance system.
