By its order issued on June 1, 2015 the Bank of Russia revoked a banking license held by OPM-Bank (Registration No. 2734), the regulator's press service reported.
As the Bank of Russia pointed out, this decision was taken due to the non-fulfillment by the lender of the federal laws regulating banking activities and CBR statutory acts, identified instances when unreliable reports were submitted and also taking into account the application of measures stipulated in the Federal Law "On the Central Bank of the Russian Federation".
"The lending institution conducted a high-risk lending policy by investing the money in poor quality assets. The adequate assessment of accepted risks and reliable reflection of the bank's asset value lead to the full loss of its equity. Meanwhile, OPM-Bank failed to fulfill demands made by the supervisory body as to pile up required loan loss provisions and present financial statements reflecting its real financial standing and grounds for the revocation of a banking license as established in Part 2 of Article 20 of the Federal Law "On Banks and Banking Activity", said the regulator.
The regulator emphasized that the lending institution's executives and owners took no efficient measures to take its activities back to normal.
As Banki.ru previously wired, on May 25, 2015 OPM-Bank introduced a procedure for clients to make preliminary orders to withdraw their funds from deposit accounts regardless of funds held. "The head office has no cash, so all deposit accounts are subject to preliminary orders. And the next available date is June 2," the bank's employee told the portal, noting the requirement to make a preliminary order to take funds is driven by "the large amount of payments".
Banki.ru users also mentioned in the People's Rating section that the bank is unable to return funds from deposit accounts after relevant agreements expire. "I made a prior order, my deposit account agreement was to end on May 19, but I was initially told that I can get my money on May 22, then on May 25, and later the bank changed its mind and I was said that the funds would be maybe available on May 29," an OPM-Bank client wrote. "There is a similar case. The bank gave me apologies at the office, employees admitted that they do not know what to say, but things look bad. Representatives of the bank's call center confirmed that this situation is presently at all offices," another client noted.
In the middle of May OPM-Bank stopped opening new deposit accounts and accepting extra contributions to effective retail deposit accounts.
