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Russia’s Central Bank revokes licenses of 3 commercial banks

Licenses of Investbank, Smolensky Bank and the Bank of Project Finance have been terminated as of December 13

MOSCOW, December 13. /ITAR-TASS/. Russia’s Central Bank has revoked licenses of three commercial banks — Investbank, Smolensky Bank and the Bank of Project Finance, as reported on the official web-portal of the watchdog on Friday.



The Central Bank explains its decision by a lack of possibilities to restore the bank’s financial positions and in order to avoid further development of the negative situation. The regulator appointed a temporary administration to the moment it appoints a receiver or liquidator.

On December 1, investigators came to the bank’s head office in Moscow. On that day, the bank’s management said the inspection did not have anything to do with the credit organization, but was related to client accounts.

The Investbank was founded in 1989 and has been participating in the system of obligatory insurance of deposits. In 2008, it acquired three banks, including Moscow’s Konversbank. The bank has been serving over 430 individuals and over 30,000 companies. Investbank is among Russia’s top hundred banks in assets.


Smolensky Bank

The regulator explains the decision claiming the Smolensky bank did not comply with the federal legislation or the Central Bank’s norms, and provided incorrect reports.