OREANDA-NEWS. By its Order No. OD-4014, dated 18 November 2016, the Bank of Russia revoked the banking licence of the credit institution Investment Commercial Bank OLMA-Bank, a limited liability company, or ICB OLMA-Bank LLC (Registration No. 3250, Moscow) from 18 November 2016.

The Bank of Russia took such an extreme measure — revocation of the banking licence — because of the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, because the equity capital of this credit institution decreased for three months in a row below the minimum set by Part 7 of Article 11.2 of the Federal Law ‘On Banks and Banking Activities’, and taking into account that the bank failed to submit to the Bank of Russia a petition to change its status to that of a non-bank credit institution, as well as the repeated application within a year of measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.

Over the past year, ICB OLMA-Bank LLC violated repeatedly banking legislation and Bank of Russia regulations. The credit institution allowed its equity capital to decrease for three months in a row below the minimum set by Part 7 of Article 11.2 of the Federal Law ‘On Banks and Banking Activities’. The management and owners of the credit institution failed to take effective measures to increase its equity capital to the value of ?300 million set by the Federal Law. Also, the bank failed to take a decision to change its status to that of a non-bank credit institution. Based on Article 20 of the Federal Law ‘On Banks and Banking Activities’, the Bank of Russia performed its duty on the revocation of the banking licence of ICB OLMA-Bank LLC.

By its Order No. OD-4015, dated 18 November 2016, the Bank of Russia has appointed a provisional administration to ICB OLMA-Bank LLC for the period until the appointment of a receiver pursuant to the Federal Law ‘On Insolvency (Bankruptcy)’ or a liquidator under Article 23.1 of the Federal Law ‘On Banks and Banking Activities’. In accordance with the federal laws, the powers of the credit institution’s executive bodies have been suspended.

According to reporting data, as of 1 November 2016, ICB OLMA-Bank LLC ranked 611th in the Russian banking system in terms of assets.