The Bank of Russia has revoked effective May 27 a banking license held by EuroAxis Bank (Registration No. 3273), the regulator's press service reported.
The Bank of Russia said that it took a last-resort measure because the lending institution failed to observe federal banking laws, and also its statutory acts, the bank was unable to meet monetary claims of its creditors, and taking into account the multiple application during a year of the measures stipulated in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)".
"Due to the unsatisfactory quality of assets that generated no sufficient cash flow, EuroAxis Bank untimely met its obligations to creditors. The lending institution's management and owners took no efficient measures to normalize its activities," the Bank of Russia pointed out.
EuroAxis Bank is a member of the deposit insurance system.
