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Central Bank continues revoking licenses of nonperforming banks

July 03, 2015, 9:58 UTC+3 MOSCOW
The banks pursued risky credit policy and did not establish appropriate provisions for possible losses under loans, the Central Bank said
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Russian Central Bank

Russian Central Bank

© TASS/Anton Novoderezhkin

MOSCOW, July 3. /TASS/. The Bank of Russia made a decision to recall banking licenses of four Russian banks, the regulator said on Friday.

The decision to withdraw licenses of Moscow-based Gagarinsky, Klientsky and Stary Kreml banks and Krasnodar-based ENO bank was taken in connection with failure of credit institutions to comply with federal laws and regulatory acts of the Bank of Russia. Furthermore, the above banks did not met requirements of laws in the field of combating money laundering and terrorism financing.

The banks pursued risky credit policy and did not establish appropriate provisions for possible losses under loans, the Central Bank said. Temporary administration was appointed in banks and powers of executive authorities of credit institutions were suspended.

The banks take part in the deposit insurance system. Revocation of the banking licenses constitutes the insured event.

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