The Bank of Russia has cancelled a banking license held by Commercial Bank Intercredit (Registration No. 3047, Moscow), the regulator's press service reported.
The Bank of Russia took the decision to take the last-resort measure because the lending institution failed to comply with federal banking laws and also CBR's statutory acts, instances were identified when the materially misstated its financial statements, the bank was unable to meet creditors' monetary claims, and taking into account the multiple application during the year 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 Intercredit was unable to timely meet its obligations to creditors. Meanwhile, the lending institution did not fulfill a supervisory body's demand to provide the Bank of Russia with reliable financial reports that give a real view of its financial standing. The bank's top managers and owners took no efficient action to normalize operations or restore its financial position," the Bank of Russia noted in the press release.
