The Bank of Russia has revoked as of July 21, 2015 a banking license held by Moscow-based United Bank of Industrial Investments (Registration No. 2626), the regulator's press service reported.
The lender invested funds in poor quality assets and formed no provisions adequate to the accepted risks. Due to the unsatisfactory quality of assets that generated no sufficient cash flow, the lending institution failed to timely meet its obligations to the creditors, the regulator reported. Moreover, the lender submitted to the supervisory body materially unreliable financial statements that concealed grounds for its license to be revoked. The bank's management and owners took no measures required to bring its activities back to normal.
United Bank of Industrial Investments is a member of the deposit insurance system.
