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Russia’s Central Bank revokes license from Moscow bank Interkommerts

February 08, 9:57 UTC+3 MOSCOW
According to the Central Bank, Interkommerts bank failed to comply with the federal laws and the regulations of the Central Bank
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© Alexandr Sherbak/TASS

MOSCOW, February 8. /TASS/. The Russian Central Bank revoked license for banking transactions from Moscow bank Interkommerts, the regulator said Monday.

According to the Central Bank, Interkommerts bank failed to comply with the federal laws and the regulations of the Central Bank. The bank’s capital adequacy norms were below 2%, size of the bank’s own funds (capital) decreased below the authorized capital minimum.

In the context of poor quality of assets, the bank did not adequately assess the risks. The proper assessment of credit risk at the request of the regulator identified a total loss of the bank’s capital. At the same time, the bank has been involved in conducting questionable transit operations, the Central Bank said.

In view of the significant imbalance between assets and liabilities, financial recovery of Interkommerts bank with the assistance of the Deposit Insurance Agency (DIA) on reasonable economic conditions was not possible, the regulator added.

Interkommerts bank is a member of the deposit insurance system. Withdrawal of the banking operations license is an insurance event.

According to the bank’s reports, as of January 1, 2016, the bank occupied 67th place in the Russian banking system.

The Russian Central Bank in 2015 sent 15 credit institutions to the financial rehabilitation, revoked 93 licenses for banking operations.

The largest banks in terms of assets with revoked licenses are:

In 2013 - Master-Bank (70th place in the Russian banking system in terms of assets), Investbank (79th place), Smolensky Bank (125th place) and Pushkino bank (134th);

In 2014 - First Republic Bank (109th), Narodniy credit (112th);

In 2015 - NOTA-Bank (97th), Rossiyskiy Kredit Bank (45th), Probusinessbank (51th) and Sudostroitelny Bank (85th).

According to the Central Bank as of July 1, 2015, 798 credit institutions with a banking license operated in Russia.

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