OREANDA-NEWS. In accordance with Bank of Russia Order ОD-3141, dated 19 September 2016, the banking licence of the Moscow-based credit institution Joint-stock Company Commercial Bank RosinterBank (Reg. No. 226), further referred to as the Bank, was revoked effective 19 September 2016.

The Bank of Russia took the extreme measure of licence revocation because of the credit institution’s failure to comply with federal banking legislation and Bank of Russia regulatory acts, as well as multiple violations, within one year, of requirements under Articles 6 and 7 (except for Paragraph 3, Article 7) of the Federal Law ‘On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism’, requirements of Bank of Russia regulatory acts issued in accordance with this Federal Law, and due to the capital adequacy ratio falling below 2 percent, capital decrease below the minimal value of the authorised capital established as of the date of the state registration of the credit institution, and repeated applications, within one year, of measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.

Following revocation of the banking licence, the operations of the provisional administration (whose powers were entrusted to the State Corporation Deposit Insurance Agency, Bank of Russia Order No. ОD-3080, dated 15 September 2016) were terminated by force of Bank of Russia ОD-3142, dated 19 September 2016.

By its Order No. OD-3143, dated 19 September 2016, the Bank of Russia appointed a provisional administration to RosinterBank 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 September 2016, RosinterBank (JSC CB) ranked 68th in the Russian banking system in terms of assets.