Press Service

The Central Bank of the Russian Federation (Bank of Russia)

Press Service

12 Neglinnaya Street, Moscow, 107016 Russia;
www.cbr.ru

Information Notice

Banking licence of credit institution Mikhaylovsky Promzhilstroybank cancelled

By its Order No. OD-2476, dated 21.09.2018, the Bank of Russia cancelled the banking licence of the Mikhaylovka-based credit institution joint-stock company commercial bank Mikhaylovsky Promzhilstroybank or JSC CB Mikhaylovsky PZhSB (Registration No. 2961, the Volgograd Region) from 21 September 2018.

The Bank of Russia cancelled the credit institution’s banking licence based on Article 23 of the Federal Law ‘On Banks and Banking Activities’ following the decision of the credit institution’s authorised body to terminate its activity through voluntary liquidation according to Article 61 of the Civil Code of the Russian Federation and the submission of the respective application to the Bank of Russia.

Based on the financial statements provided to the Bank of Russia, the credit institution has enough assets to satisfy creditors’ claims.

In compliance with Article 62 of the Civil Code of the Russian Federation and Article 21 of the Federal Law ‘On Joint-stock Companies’, a liquidator will be appointed to JSC CB Mikhaylovsky PZhSB.

JSC CB Mikhaylovsky PZhSB is a member of the deposit insurance system. The cancellation of the banking licence 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. The said Federal Law provides for the payment of indemnities to the bank’s depositors, including individual entrepreneurs, in the amount of 100% of the balance of funds but no more than a total of 1.4 million rubles per depositor.

According to the financial statements, as of 1 September 2018, JSC CB Mikhaylovsky PZhSB ranked 458th by assets in the Russian banking system.

21 September 2018

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