The Bank of Russia has revoked as of April 13, 2015 a banking license held by Moscow-based Transnational Bank (Registration No. 2108), the regulator's press service reported.
The bank pursued a high-risk lending policy by investing the money in poor quality assets, the regulator's materials run. Meanwhile, the lending institution failed to fulfill the supervisory body's demands to create required loan loss provisions and provided the Bank of Russia with financial statements concealing its real financial standing, and also reasons for the revocation of a banking license as established in Article 20 of the Federal Law "On Banks and Banking Activities", the regulator specified.
Furthermore, Transnational Bank was involved in suspicious operations when its clients wired large amounts abroad. The lending institution's executives and owners took no actions required to take its activities back to normal.
Transnational Bank is a member of the national deposit insurance system.
