OREANDA-NEWS. By its Order No. OD-1313, dated 10 June 2015, the Bank of Russia cancelled the banking licence of the Moscow-based credit institution Commercial Bank East-European Trust Bank, joint-stock company or East-European Trust Bank (Registration No. 2253) from 10 June 2015.

The Bank of Russia cancelled the licence of East-European Trust Bank on the basis of Article 23 of the Federal Law 'On Banks and Banking Activities' due to the decision of the credit insitution's authorised body to close out business according to Article 61 of the Civil Code of the Russian Federation and a respective application received by the Bank of Russia.

Judging by the submitted information, East-European Trust Bank possesses sufficient assets to satisfy its creditors' claims.

A liquidation commission will be appointed to East-European Trust Bank according to Article 62 of the Civil Code of the Russian Federation and Article 21 of the Federal Law 'On Joint-stock Companies'.

East-European Trust Bank is a member of the deposit insurance system. Banking licence cancellation is an insured event as stipulated by Federal Law No. 177-FZ'On the Insurance of Household Deposits with Russian Banks' in respect of the bank's retail deposit obligations, as defined by law.

According to its financial statements, East-European Trust Bank ranked 763th by assets in the Russian banking system as of 1 June 2015.