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The Moscow-based RUBank has had its license withdrawn

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The Moscow-based RUBank has had its license withdrawn

The Moscow-based RUBank has had its license withdrawn
August 22
10:30 2016

On 22 August the Central Bank of the Russian Federation revoked the license for banking operations of the RUBank, Moscow. This is stated in an official statement of the regulator. “Under the poor asset quality Rubank inadequately estimated the taken risks. The proper credit risk assessment in accordance with the requirements of the supervisory body has led to the total loss of the bank’s own funds. The management and owners of the credit institution have failed to take effective measures for normalization of its activity”, – informs the Bank of Russia.

According to the Central Bank’s order of 22 August, the bank has been appointed the interim administration. RUBank is a member of the deposit insurance system. The revocation of the license is an insurance case in relation to the bank’s obligations on the deposits of the population. This case provides the compensation payment to depositors, including individual entrepreneurs. The rest of funds is paid in the amount of one hundred percent, but not more than 1.4 million rubles for each depositor. According to the regulator, this credit organization took the 462 th place in terms of assets in the Russian banking system as of 1 August of the current year.

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