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Russia’s Central Bank revokes licence from loss-making bank

January 31, 2014, 10:01 UTC+3 MOSCOW
CBR statement noted that My Bank had carried out a highly risky crediting policy, allocating loans that “do not generate monetary flow”
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© ITAR-TASS/Gennady Khamelyanin

MOSCOW, January 31. /ITAR-TASS/. The Central Bank of Russia (CBR) has revoked a license from crediting organization My Bank. Information on the issue was posted on official website of the financial regulator.

“The CBR informs about the decision to revoke a license for banking transactions from crediting organization My Bank from January 31, 2014,” the CBR said in a statement. “The decision to take an extreme restrictive measure to revoke a bank license was taken over non-fulfilment of federal laws, CBR regulatory acts, exposure of false accounting data and inability to satisfy creditors’ requirements on monetary liabilities by the crediting organization,” the statement runs.

The CBR statement noted that My Bank had carried out a highly risky crediting policy, allocating loans that “do not generate monetary flow.” Due to loss of liquidity the bank top management and owners did not take required measures.

Provisional administration was named in My Bank.

The crediting organization participates in deposit insurance system. Revocation of the license is an insurance event according to legislation.

My Bank is ranked at the 181st position in Russian banking system as of January 1, 2014, in terms of assets.

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