The Bank of Russia has revoked effective August 22, 2016 a banking license held by RUBank (Registration No. 2813, Moscow), the regulator's press service reported.
The Bank of Russia decided to apply the last-resort measure because the lending institution failed to fulfill federal banking laws, and also CBR's statutory acts, its capital adequacy ratio fell below 2%, and the bank's equity (capital) dropped beneath the minimum charter capital as set on the date of the bank's state registration taking into account the multiple application during the year of the measures stipulated in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)".
"While holding unsatisfactory quality assets, RUBank inadequately assessed related risks. The proper assessment of the risk at the request of the supervisory body revealed full loss of the lending institution's equity (capital)," the regulator said in a press release.
The lending institution's executives and owners took no efficient measures to normalize its activities.
RUBbank is a member of the national deposit insurance system.
As the media previously reported, RUBbank suspended the service of its retail and corporate customers. "Our cash operations have been temporarily suspended, no services are provided to households or businesses," the lending institution's call center told Banki.ru, specifying customers may receive account statements at the bank's head office.
Furthermore, RUBank has been cut off the Banking Electronic Speedy Payment (BESP) system since August 16, 2016.
