The Central Bank of Russia has revoked as of April 11, 2016 a banking license held by Moscow-based Crossinvestbank (Registration No. 2849), the regulator's press service reported.
The Bank of Russia decided to take the last-resort measure as the lending institution failed to fulfill federal banking laws and also CBR's statutory acts, and measures provided for in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" were taken given a real threat to the interests of its creditors and deposit holders.
"While holding weak quality assets, Crossinvestbank assessed accepted risks inadequately. The proper assessment of the credit risk and reliable reflection of the bank's asset value provided the lending institution with reasons to take actions to prevent its insolvence (bankruptcy)," the Bank of Russia noted.
Crossinvestbank is a member of the national deposit insurance system.
To remind, since April 6, 2016 the Bank of Russia has disconnected Crossinvestbank from the Banking Electronic Speedy Payment (BESP) system. Previously for technical reasons the bank suspended operations to make contributions to valid deposit accounts, but continued to open new deposit accounts for households. Since April 7, 2016 Crossinvestbank has shut down its Sokol, Dubrovka and Krasnoselsky additional offices. In mid-November 2015, the lending institution also closed its Khamovniki office.
