OREANDA-NEWS. By its Order No. OD-1297, dated 10 June 2015, the Bank of Russia revoked the banking licence from the St. Petersburg-based credit institution Limited Liability Company Commercial Bank Invest-Ecobank or LLC CB Invest-Ecobank (Registration No. 1956) from 10 June 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 also Bank of Russia regulations, repeated violations within one year of the requirements stipulated by Article 7 (excluding Clause 3 of Article 7) of the Federal Law 'On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism', and taking into account the application of measures envisaged by the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)'.

LLC CB Invest-Ecobank implemented high-risk lending policy, did not create loan loss provisions commensurate with risks assumed and did not comply with the requirements of legislation on anti-money laundering and combatting the financing of terrorism, including in respect of submitting to the authorised body reliable data on operations subject to obligatory control. Besides, the credit institution was involved in dubious payable-through operations, and also large-value cash withdrawals abroad. The management and owners of the bank have not taken measures required to normalise its activities.

By its Order No. OD-1298, dated 10 June 2015, the Bank of Russia has appointed a provisional administration to LLC CB Invest-Ecobank 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 June 2015, LLC CB Invest-Ecobank was ranked 704th by assets in the Russian banking system.