The Central Bank of Russia has revoked as of April 27, 2016 a banking license held by International Bank of Finance and Investment (IBFI), based in Moscow (Registration No. 2073), the regulator's press service reported.
The Bank of Russia explained its decision to take the last-resort measure because 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.
"IBFI pursued a high-risk credit policy and piled up no loan loss provisions adequate to the accepted risks. Meanwhile, the lending institution was involved in suspicious transit operations. The lending institution's executives and owners took no efficient measures to normalize its activities," the regulator said.
IBFI is a member of the national deposit insurance system.
Earlier, on April 25, Banki.ru wrote that IBFI made job cuts. The bank wrote on its web site that its business hours changed on April 25.
