As of February 15, 2016 the Bank of Russia has revoked banking licenses held by Capitalbank (Registration No. 2547, based in Rostov-on-Don), and Bank Unifin (Registration No. 2654, Moscow), the regulator's press service reported on Monday.
The Bank of Russia explained this decision as the banks failed to fulfill federal laws regulating banking activities and CBR's statutory acts, and measures stipulated in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" were applied during a year.
Meanwhile, in case of Capitalbank, the regulator also took into account a real threat to the interest of creditors and deposit holders. "Capitalbank pursued a high-risk lending policy, investing funds in poor quality assets. The adequate assessment of accepted risks and the reliable reflection of the bank's asset value led to the reasons to take measures to forestall the lending institution's insolvency (bankruptcy)," said the Bank of Russia.
Bank Unifin, based on CBR data, failed to timely meet its obligations to creditors.
Both banks are members of the national deposit insurance system. Payments to their deposit holders will begin no later than February 29, the Deposit Insurance Agency (DIA) reported.
The media previously wired that Capitalbank was cut off the Banking Electronic Speedy Payment (BESP) system. Meanwhile, the National Rating Agency cut the bank's credit rating to B, with a negative outlook, explaining its decision by the fact that the credit risks materialized in the present market conditions. Since February 9, 2016 Capitalbank has reduced business hours to serve clients, and since February 10, 2016 it has not serviced its clientele at 11 divisions.
In December 2015, Bank Unifin's capital adequacy ratio (N1.0) dropped below the critical 10.5% level to 10.21%.
