Results of provisional administration-conducted inspection of PJSC NCB RADIOTECHBANK

The provisional administration to manage the credit institution Public Joint-stock Company Nizhny Novgorod commercial bank RADIOTECHBANK (hereinafter, the Bank) appointed by Bank of Russia Order No. OD-210, dated 31 January 2019, following the revocation of its banking licence, in the course of its inspection of the credit institution established that the Bank’s executives conducted operations which suggest the intention to divert the Bank’s assets by lending to borrowers with dubious creditworthiness or invariably unable to meet their obligations.

The provisional administration estimates the value of the Bank’s assets to be no more than 2.3 billion rubles, vs 3.3 billion rubles of its liabilities to creditors.

These developments resulted in the Arbitration Court of the Nizhny Novgorod Region recognising the Bank as bankrupt on 19 March 2019. The State Corporation Deposit Insurance Agency was appointed as a receiver.

The Bank of Russia submitted the information on the financial transactions suggestive of criminal offence conducted by the Bank’s executives to the Prosecutor General’s Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and the Investigative Committee of the Russian Federation for consideration and procedural decision-making.

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