OREANDA-NEWS. By its Order No. OD-2081, dated 29 June 2016, the Bank of Russia revoked the banking licence from the credit institution Commercial bank Intercredit (joint-stock company) or CB Intercredit (JSC) (Registration No. 3047, the city of Moscow) from 29 June 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, due to established instances of material unreliability of financial statements, the bank’s inability to meet monetary obligations to creditors, and taking into account the repeated application within a year of measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.

As a result of losing its liquidity, CB Intercredit (JSC) failed to meet its obligations to creditors on a timely basis. The credit institution also failed comply with the supervisor’s requirements to submit to the Bank of Russia reliable reporting showing its actual financial standing. The management and owners of the bank did not take measures required to normalise its activities and recover its financial status. The Bank of Russia performed its duty on the revocation of the banking licence of the credit institution in accordance with Article 20 of the Federal Law ‘On Banks and Banking Activities’.