The Bank of Russia has revoked as of October 16 a banking license held by Bank Sodruzhestvo (Registration No. 2923), the regulator's press service reported.
Based on CBR data, with poor quality assets the bank inadequately assessed related risks. "The proper assessment of the credit risk at the request of the supervisory body showed full loss of the bank's equity," the Bank of Russia's press service reported.
"The bank's executives and owners took no efficient measures to bring its activities back to normal. Under the circumstances, on the basis of Article 20 of the Federal Law "On Banks and Banking Activity" the Bank of Russia fulfilled the obligation to revoke the lending institution's banking license," the press service noted.
