The Bank of Russia has revoked as of November 26 a banking license held by Moscow-based 2T Bank (Registration No. 625), the regulator’s press service reported.
2T Bank conducted a high-risk lending policy and failed to pile up loan loss provisions adequate to the accepted risks, the regulator specifies. Due to the unsatisfactory quality of the assets which generated no sufficient cash flow the lending institution failed to timely meet its obligations to creditors and deposit holders. The bank’s management and owners took no measures required to bring its activities back to normal, CBR’s materials show.
2T Bank is a member of the national deposit insurance system.
Since early November 2T Bank has delayed corporate payments, later introduced a preliminary record for cash withdrawals and in the middle of the month the lender acknowledged short liquidity and warned of the possible freeze of payments and money transfers for up to two months. As Banki.ru reported, the lending institution sought CBR’s assistance.
