The Bank of Russia has revoked as of September 18, 2015 a banking license held by Moscow-based Bank Tusar (Registration No. 2712), the regulator's press service reported.
The bank conducted a high-risk lending policy and formed no loan loss provisions adequate to the accepted risks, the regulator specified. Due to the unsatisfactory quality of the assets which did not generate a sufficient cash flow the bank failed to meet its obligations to deposit holders. Furthermore, the fulfillment by the bank of the supervisory body's order to compile loan loss provisions adequate to the accepted risks resulted in a critical decline in the bank's capital adequacy ratios, the Bank of Russia noted.
Bank Tusar is a member of the national deposit insurance system.
In late August Bank Tusar stopped serving households and businesses allegedly due to equipment malfunction. At that time the lending institution's reception staff told Banki.ru that the problems arose because "the server has broken down". In early September the media reported that Bank Tusar could be unable to resume operation as normal. "We are ready if suspended activity results in a revoked license. Since August 19-20, 2015 already we have not accepted or have given any funds. We're waiting for DIA liquidation staff in coming days," the portal's source at the lending institution said.
The bank, as specified on its website, was at that time in the process of changing hands. "To date, an extraordinary shareholders meeting and other mandatory events related to the ownership shakeup have been conducted. Required notifications were sent out to the Bank of Russia," the bank wrote on its website. Upon completion of all legal procedures related to the ownership shakeup Bank Tusar plans to fulfill its obligations in full, the bank emphasized.
RBC sources said that Gennady Pukhov, the bank's acting management board chairman, tendered his resignation to the Bank of Russia and since September 14 he has not been at the bank's office. And on September 11, 2015, as RBC learned, Pukhov forwarded a notice to the Bank of Russia that the bank is facing insolvency. Pukhov said at the Chief Directorate of the Bank of Russia in charge of the Central Federal District of Moscow that he sent a demand to the bank's board of directors to call an extraordinary shareholders meeting to review the issue of the bank's winding-up and "to submit a request to the Bank of Russia seeking to annul or revoke the lender's banking license".
Bank Tusar's problems began in this February when the regulator limited the bank's acceptance of deposits, the bank's employee told RBC. And the regulator's order was extended on August 18. At that time the bank changed hands. Since September 1, 2015 the bank has had a new board of directors with the following members: Vladimir Anikeev (chairman), Alexander Skuridin, Vera Ezzhalova, Valentina Gordienko, and Elena Simonova. The Bank of Russia, however, demanded to relieve Anikeev of his board chairman duties as his business reputation does not meet requirements of a law (RBC holds the relevant order (dated September 15, 2015) sent by the Chief Directorate of the Bank of Russia in charge of the Central Federal District to the bank). Vladimir Anikeev was a shareholder at Mast-Bank whose license the regulator revoked this June due to unreliable financial statements and the violation of anti-money laundering laws.
