OREANDA-NEWS. By its Order No. OD-699, dated 2 April 2015, the Bank of Russia revoked the banking licence from the Moscow-based credit institution Bank TANDEM, limited liability company, or TANDEMBANK LLC (Registration No. 1951) from 2 April 2015.

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, revealed facts of considerable unreliability of reporting data, inability to meet creditors' claims on monetary obligations, and application of supervisory measures envisaged by the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)'.

Due to the loss of liquidity TANDEMBANK LLC failed to timely meet its obligations to creditors. Besides, the credit institution failed to meet the requirements of the supervisory authority to present reliable financial statements to the Bank of Russia that reflected its real financial standing. The management and owners of the bank did not take measures to normalise its activities and recover its financial status. Pursuant to Article 20 of the Federal Law 'On Banks and Banking Activities', the Bank of Russia revoked the banking licence from TANDEMBANK LLC.

By its Order No. OD-700, dated 2 April 2015, the Bank of Russia has appointed a provisional administration to TANDEMBANK LLC 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.

As of 1 March 2015, TANDEMBANK LLC ranked 675th by assets in the Russian banking system.