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CBR revokes license of Moscow-based Commercial Bank

June 15, 2012, 12:26 UTC+3
The decision was adopted in connection with the non-fulfillment by the Unified Bank of Development of federal laws regulating the bank
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Photo ITAR-TASS

Photo ITAR-TASS

MOSCOW, June 15 (Itar-Tass) — The Central Bank of Russia (CBR) has revoked the license for carrying out bank operations of the Moscow-based credit organization Commercial Bank “Unified Bank of Development, the CBR reports.

The decision of revoking the license was adopted by the Bank of Russia in connection with the non-fulfillment by the Unified Bank of Development of federal laws regulating the bank activity and normative acts of the Bank of Russia, as well as the establishment of the facts of unauthenticity in its reports, its incapability to meet creditors’ demands on money obligations, and taking into account the repeated application within one year of measures envisaged by the Federal Law “On the Bank of the Russian Federation (The Bank of Russia).”

The temporary administration was appointed at the Unified Bank of Development.

 

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