As of December 18, 2015 the Bank of Russia has cancelled a license held by Russian Construction Bank (Registration No. 3205, Moscow), the regulator's press service reported.
The Bank of Russia decided to apply the last resort measure because the lending institution failed to fulfill federal laws regulating banking activities, and also the Bank of Russia's statutory acts, of its inability to meet monetary claims of creditors and taking into account the multiple application of the measures provided for in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)".
"Due to the loss of liquidity Russtroybank failed to timely fulfill its obligations to creditors. Meanwhile, the bank got involved in large-scale suspicious transit operations. Furthermore, the bank's executives and owners took no efficient measures to normalize its operation or restore its financial standing," the Bank of Russia specified.
Russtroybank is a member of the national deposit insurance system.
The media wired in late November that Russtroybank was looking for investors who can help it restore its operations. In the People's Rating section on Banki.ru the bank's representatives said that the lending institution was facing problems due to the lack of funds.
