As of July 24, 2015 the Bank of Russia has revoked a banking license held by Moscow-based Rossiyskiy Credit (Registration No. 324), the Bank of Russia reported.
Rossiyskiy Credit pursued a high-risk lending policy. Meanwhile, the lender provided the Bank of Russia with unreliable financial statements that concealed grounds to take measures to forestall its insolvency (bankruptcy) and grounds obliging the Bank of Russia to decide to revoke a banking license. The bank failed to fulfill the supervisory body's requirement to reflect really accepted risks in its financial statements, the Bank of Russia said.
Moreover, the bank did not comply with restrictions that were imposed by the supervisory body to carry out separate types of banking operations, the regulator pointed out.
The bank's executives and owners took no measures to bring its activities back to normal. In view of the lender's poor asset quality there was no possibility to rehabilitate the lender with the participation of the Deposit Insurance Agency (DIA) on reasonable economic conditions, the Bank of Russia concluded.
Rossiyskiy Credit is a member of the national deposit insurance system. As of July 1, 2015 the bank ranked 45th in the Russian banking system.
Vedomosti's sources at the Bank of Russia said in early July that the regulator was considering the option to rehabilitate Rossiyskiy Credit. Based on the paper's data, DIA conducted a check at the bank to assess its actual assets and liabilities, and the regulator suspected that they are at odds with those disclosed in financial statements.
