As of February 11, 2015 the Bank of Russia has revoked a license held by Surgut Central Commercial Bank (Registration No. 684), the regulator said in a press release.
The regulator explained its decision by the fact that the lending institution failed to fulfill federal laws regulating banking activities and also CBR's statutory acts. In addition, as of January 1, 2015 the bank's minimum equity (capital) did not reach Rub 300 mln as set by the federal law, and did not apply to the Bank of Russia seeking permission to change its corporate status to a non-banking lending institution, the Bank of Russia specified.
"Over the past twelve months Surgut Central Commercial Bank violated many times banking legislation and the Bank of Russia's statutory acts, underestimating its credit risk and piling up loan loss provisions in the amount not corresponding to the accepted risk," the regulator said.
