As of November 26, 2014 the Central Bank of Russia has cancelled a banking license held by Dagestan-based PrestigeCreditBank (Registration No. 2922), the Bank of Russia’s press service reported.
The bank pursued a high-risk lending policy and also invested funds in poor quality assets, which led to the full loss of its equity (capital). Due to the loss of liquidity the lending institution failed to timely fulfill its obligations to creditors, the regulator says. Furthermore, executives and owners of PrestigeCreditBank took no efficient measures to normalize their operation or restore financial standing.
PrestigeCreditBank was involved in suspicious cash operations on a large-scale basis, the Bank of Russia specifies.
The lending institution is a member of the national deposit insurance system.
