The PR department at the Bank of Russia reported Thursday the Central Bank of the Russian Federation cancelled the banking license held by Moscow-based Russian Bank for Business Cooperation.
As the central bank’s representatives said, the license was revoked “due to the lender’s failure to comply with federal laws regulating banking activities and CBR statutory acts, numerous failures to provide within statutory deadlines the central bank with updated data required to make amendments to the Unified State Register of Legal Entities, other than information about licenses obtained, and also taking into account the fact that during the year measures stipulated by the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” were applied to the lending institution on numerous occasions”.
The central bank noted that the company regularly violated requirements of banking laws and CBR statutory acts, and also failed to execute an order issued by the supervisory body. Furthermore, “the bank cannot be found at its registered address and actually terminated any banking operations," the PR department’s representatives added.
Temporary administration was phased in at Russian Bank for Business Cooperation until a bankruptcy manager or a receiver is appointed. The powers and authority of the lending institution’s executive bodies were suspended in accordance with federal laws.
