OREANDA-NEWS. By its Order No. OD-2157, dated 7 July 2016, the Bank of Russia revoked a banking licence of the credit institution Public joint-stock company Commercial bank EurocityBank or PJSC CB EurocityBank (Registration No. 1869, the town of Mytishchi, the Moscow Region) from 7 July 2016.

The Bank of Russia took such an extreme measure — revocation of the banking licence — due to the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, as well as the application of measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’ and taking into consideration the existence of a real threat to the interests of its creditors and depositors.

Following submission by the tax authorities loan debt enforcement documents to PJSC CB EurocityBank the credit institution lost its creditworthiness. Early in July 2016, the bank actually terminated its operational activities.

Both management and owners of the credit institution did not take any effective measures to bring its activities back to normal. Under these circumstances, the Bank of Russia took a decision to revoke the banking licence of PJSC CB EurocityBank.

By its Order No. OD-2158, dated 7 July 2016, the Bank of Russia has appointed a provisional administration to the PJSC CB EurocityBank for the period until the appointment of a receiver pursuant to the Federal Law ‘On the Insolvency (Bankruptcy)’ or a liquidator under Article 23.1 of the Federal Law ‘On Banks and Banking Activities’. In accordance with federal laws, the powers of the credit institution’s executive bodies are suspended.

According to reporting data, as of 1 June 2016, PJSC CB EurocityBank ranked 245th in the Russian banking system in terms of assets.