The Bank of Russia has revoked as of May 20, 2015 a banking license held by Commercial Bank Boomerang (Registration No. 1002, Cherepovets), the regulator's press service reported.
As the Bank of Russia's press service noted, the bank's license was revoked as the lender failed to fulfill federal laws regulating banking activities and CBR statutory acts, the bank's failure to meet monetary claims of creditors and due to the application of the measures provided for in the Federal Law "On the Central Bank of Russia (Bank of Russia)".
"Due to the unsatisfactory quality of assets which generated no sufficient cash flows Bank Boomerang failed to timely meet obligations to its creditors. Furthermore, the bank's executives and owners took no efficient measures to normalize its operation or restore its financial standing," the regulator said.
The revocation of a banking license is an event insured as provided for in the Federal Law "On Insuring Retail Deposits Held at Banks of the Russian Federation" with regard to the bank's obligations under retail deposits in the manner prescribed by law, the Bank of Russia specified.
