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The license has been withdrawn from BaykalBank, Buryatiya

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The license has been withdrawn from BaykalBank, Buryatiya

The license has been withdrawn from BaykalBank, Buryatiya
August 18
10:30 2016

The Central Bank of Russia revoked the license for banking operations from BaykalBank (Buryatiya). The Central Bank officially informed about this in its press release. “In the context of the funds allocation in the assets of poor quality BaykalBank inadequately assessed taken in connection with these risks”, – the Central Bank gives the explanation.

The Central Bank clarified that after the supervisor‘s requirements on the appropriate assessment of the taken credit risks had been executed, the bank totally lost its own funds. “The management and owners of BaykalBank failed to take effective and adequate measures to normalize its operations. The declared measures regarding the restoration of the financial stability did not lead to a satisfactory result”, – says the message.

Also, according to the Central Bank, in August 2016 under the restrictions imposed by the supervisory authority, the management and owners of the bank made circuit operations and transactions, which were aimed at the assets withdrawal. BaykalBank is being currently run by the interim administration appointed by the governor. The powers of the executive bodies are frozen. The Bank participates in the deposit insurance system. According to the information as of 1 July, the bank had 6.2 billion rubles of individuals’ funds.

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