The Bank of Russia has revoked as of April 2, 2015 a banking license held by Moscow-based Bank Tandem (Registration No. 1951), the regulator's press service reported.
Due to the loss of liquidity Bank Tandem failed to timely fulfill its obligations to creditors. Meanwhile, the lending institution failed to fulfill a supervisory body's requirement to provide the Bank of Russia with reliable reports reflecting its real financial condition, the regulator specified. Furthermore, the bank's executives and owners took no efficient measures to bring its operation to normal or restore its financial standing, CBR materials show.
Bank Tandem is not a member of the national deposit insurance system.
