CBR initiates Gelendzhik-Bank bankruptcy

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The Bank of Russia filed a lawsuit to declare Gelendzhik-Bank bankrupt, this information was released in materials of the Arbitration Tribunal of the Krasnodar region. The lawsuit was filed on August 14, and the date of the hearing has yet to be specified.

For the record, the Krasnodar-based bank's license was revoked on July 17. .The regulator substantiated its decision by the fact that the bank inadequately assessed its risks given its poor asset quality. Moreover, as CBR's data show, the lending institution got involved in large-scale transit suspicious transactions.