The PR Department of the Central Bank of Russia reported Thursday it cancelled banking licenses held by Uniquebank (Moscow) and Petro-Aero-Bank (Saint Petersburg). The licenses were revoked as the lending institutions failed to comply with federal laws regulating banking activities and CBR statutory acts.
Uniquebank had its license cancelled because of “the inability to meet monetary claims of its creditors or fulfill the obligation to make mandatory payments, and also taking into account the application of supervisory measures on numerous occasions,“ CBR representatives pointed out. “Due to the loss of liquidity Uniquebank failed to timely make settlements on client accounts. Furthermore, the bank did not form adequate reserves for possible loan losses and also did not comply with mandatory liquidity ratios,” the central bank’s representatives noted.
Petro-Aero-Bank “assessed credit risks not in an adequate manner and did not form adequate reserves for possible losses in loans and other assets,“ CBR pointed out in a press release. “In addition, the bank failed to meet mandatory ratios and also regularly provided the Bank of Russia with substantially unreliable reports,” CBR professionals added.
Temporary administrations were imposed at the lending institutions until a bankruptcy manager or a receiver is appointed. The powers and authority of the lenders’ executive bodies were suspended. Both banks are members of the national deposit insurance system and the cancellation of a banking license is an accident insured, the PR department’s specialists noted.
