On revocation of banking licence from credit institution Moscow National Investment Bank and appointment of provisional administration
By its Order No. OD-1857, dated 5 July 2017, effective 5 July 2017, the Bank of Russia has revoked the banking licence of the Moscow-based credit institution Moscow National Investment Bank Limited Liability Company, Reg. No. 3181), further referred to as the credit institution. According to the financial statements, as of 1 June 2017, the credit institution ranked 515th by assets in the Russian banking system.
The credit institution was involved in dubious transit operations.
The continued involvement of the credit institution in such suspicious operations, despite the supervisor-imposed restrictions meant to suppress these operations, has demonstrated the unwillingness of the bank’s management and owners to take action aimed at normalising its activities.
Also, the credit institution failed to comply with legislative requirements on countering the legalisation (laundering) of criminally obtained incomes and the financing of terrorism.
The credit institution’s lending strategy was high-risk and connected with the placement of funds in low-quality assets.
Under the circumstances, the Bank of Russia took the decision to withdraw Moscow National Investment Bank from the banking services market.
The Bank of Russia took such an extreme measure — revocation of the banking licence — in connection with the credit institution’s failure to comply with federal banking laws and Bank of Russia statutory requirements, its repeated violations, within a year, of the Federal Law ’On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism’, as well as Bank of Russia regulations issued in accordance with the said law, and the application of the measures stipulated by the Federal Law ’On the Central Bank of the Russian Federation (Bank of Russia)’, taking into account a real threat to the interests of creditors and depositors.
By its Order No. OD-1858, dated 5 July 2017, the Bank of Russia appointed a provisional administration to the credit institution 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 have been suspended.
The credit institution is a member of the deposit insurance system.
The revocation of the banking licence is an insured event as stipulated by Federal Law No.
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 one depositor.
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05.07.2017 00.00.00