The Bank of Russia has revoked as of April 17, 2015 a banking license held by Moscow-based Idealbank (Registration No. 3491), the regulator's press service reported.
Idealbank pursued a high-risk lending policy by investing the money in poor quality assets. In the upshot, while fulfilling demands of the supervisory body to compile provisions adequate to the accepted risks the lending institution fully lost a substantial portion of its equity (capital), the Bank of Russia specified. The bank's executives and owners took no efficient measures to normalize its activities, the regulator said in a press release.
Idealbank was not a member of the national deposit insurance system.
