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The Russian Central Bank has withdrawn the license of the bank “Razvitie”

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The Russian Central Bank has withdrawn the license of the bank “Razvitie”

The Russian Central Bank has withdrawn the license of the bank “Razvitie”
October 10
09:00 2016

On 10 October the Central Bank has withdrawn the license for banking operations from the Circassian commercial bank “Razvitie”. The regulator has said about this in its official statement.  The bank “Razvitie” is a participant of the deposit insurance system.

The bank conducted a high-risk lending policy related to the placement of funds in low-quality assets. Herewith, the adequacy of own funds (capital) of the credit organization has dropped to critical values, “- reads the message of the Bank of Russia.

The owners and managers of the bank did not take any steps to normalize the activity of the bank. A temporary administration is running the bank until the appointment of an insolvency representative or a liquidator. Regarding the volume of involved funds of individuals, the commercial bank” Razvitie” is on 177 th place (5.716 billion rubles). According to the Bank of Russia, as of September 1, 2016 this credit organization was at 238-th place in terms of assets in the Russian banking system.

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