The Bank of Russia has revoked as of January 29 a banking license held by Moscow-based AcademRusBank (Registration No. 622), the regulator's press service reported.
Due to the loss of liquidity AcademRusBank failed to timely fulfill its obligations to creditors, the regulator says. Meanwhile, the lending institution failed to fulfill a supervisory board's requirement to provide the Bank of Russia with reliable reports reflecting its real financial condition. Furthermore, the bank's executives and owners took no efficient measures to normalize its operation or restore its financial standing. In addition, since late November 2014 the bank has been involved in large-scale suspicious operations of its clients to transfer funds abroad, and also in suspicious cash operations, the Bank of Russia noted.
AcademRusBank is not a member of the national deposit insurance system.
