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RUSSIA'S ECONOMY

Another Russian bank's license revoked

The decision was taken due to the bank’s failure to abide by federal laws regulating banking activities

© ITAR-TASS/Anton Tushin/archive

MOSCOW, January 21. /TASS/. Russia’s Central Bank took a decision to revoke the license of Moscow-based Vneshprombank for banking transactions from January 21, a representative of the regulator’s press service said.

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Russian regulator continues banking license revocations

The decision was taken due to the bank’s failure to abide by federal laws regulating banking activities, and statutory enactments of the Bank of Russia, capital adequacy ratio below 2%, decrease of its own funds (capital) below lower bound of authorized capital stock set on the bank’s public registration, the report said. Besides, the credit organization has repeatedly violated the law "On anti-money laundering."

When exploring Vneshprombank’s financial position, the Central Bank and Russia’s Deposit Insurance Agency (a state operator for deposit compensation payouts) revealed that excess of its liabilities over assets equals around 187.4 bln rubles ($2.2 bln).

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The bank’s top management has been involved in various operations on dissipating of assets over a long period of time. The accounts rendered to the Bank of Russia did not contain verifiable information regarding to the quality and value of assets and liabilities of the credit organization. According to the regulator, Vneshprombank’s top management has set up a book-cooking system based on source documents, including statements on correspondent accounts of non-resident banks, banking histories, account transactions of clients.

Due to a serious gap between assets and liabilities the financial recovery procedure through the Deposit Insurance Agency and its creditors under reasonable economic conditions turned impossible to be applied to Vneshprombank.

The Central Bank is currently involved in providing information to law enforcement authorities for identifying persons responsible for illegal actions.

Vneshprombank is participating in the deposit insurance system. Withdrawal of license for banking transactions is an insured risk.

According to financials, Vneshprombank was rated as 40th biggest bank in terms of assets in Russia’s banking system as of January 1, 2016.

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