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Russia’s Central Bank revokes license from Moscow’s S Bank losing capital fully

March 18, 2014, 11:49 UTC+3 MOSCOW
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MOSCOW, March 18. /ITAR-TASS/. The Central Bank of Russia (CBR) has revoked a license for banking transactions from Moscow joint stock commercial savings and crediting bank S Bank which is a member of deposit insurance system, the financial regulator stated on Tuesday.

The CBR has taken the decision over the bank’s failure to fulfil federal laws regulating banking activity and CBR’s regulatory acts, lower than 2 percent capital adequacy, bank assets lower than minimal charter capital set by the CBR at state registration date of the crediting organization.

The CBR reported that Moscow’s S Bank had pursued a highly risky policy of placing attracted funds and had not formed reserves against possible losses in proportion to risks the bank was running. The crediting organization has lost its capital due to formation of adequate reserves for low-quality assets on the demand by the supervisory financial agency. The top management and owners of the bank did not take any measures for its financial sanation.

Provisional administration was appointed in the lending organization until a receiver is named. Powers of executive bodies of the crediting organization were suspended according to federal laws.

As for amount of assets Moscow’s S Bank was ranked 170th in Russian banking system since March 1, 2014.

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