Stock market quotes, forex, financial news, forex tools – money-investing.com

The Bank of Russia has revoked the license from Vyborg-Bank and NKO “Transit”

 Breaking News

The Bank of Russia has revoked the license from Vyborg-Bank and NKO “Transit”

The Bank of Russia has revoked the license from Vyborg-Bank and NKO “Transit”
September 07
09:00 2016

The Central Bank of the Russian Federation said that the licenses for banking activities had been withdrawn from Vyborg-Bank and non-bank credit organization “Transit” from Makhachkala.

Vyborg-Bank

The management and owners of the bank have not taken effective actions to normalize its operations. Also, last month the management and the owners carried out operations and transactions, which were aimed at asset withdrawal. The operations were conducted despite the restrictions of the Central Bank of the Russian Federation regarding the bank operations performance.
The statement of the regulator reads: “Vyborg-Bank conducted high-risk lending policies related to the placement of funds in low-quality assets. As a result of the bank execution of the supervisory body’s requirements for the formation of reserves and adequate taken risks, the adequacy of the credit institution’s funds has declined to critical values. “

Vyborg-Bank participates in the deposit insurance system.

The temporary administration will run the credit organization until the appointment of the bankruptcy trustee or a liquidator.

The Bank of Russia reports that as of 1 August, 2016 Vyborg-Bank occupied the 349 th place in the Russian banking system in terms of assets.

NKO “Transit”

The regulator reports: “As a result of the NKO” Transit “execution of the supervisory body’s requirements for the formation of reserves under the inappropriate accounting receivable under notes, the grounds for the implementation of measures to prevent the insolvency (bankruptcy) have appeared”.

In addition, the bank internal control rules aimed at anti- money laundering, which were received by criminal means, and the financing of terrorism were not consistent with the provisions of normative acts of the Central Bank of the Russian Federation. The management and owners of the NKO “Transit” have done nothing that could normalize the functioning of the organization.

The interim administration will run the credit organization until the appointment of the bankruptcy trustee or a liquidator.

According to the Bank of Russia, as of 1 August NKO “Transit” took the 650th place in the Russian banking system in terms of assets.

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment