On revocation of banking licence from credit institution INTERCOOPBANK and appointment of provisional administration

By its Order No. OD-1238, dated 15.05.2017, the Bank of Russia revoked the banking licence from the Moscow-based credit institution Joint-stock Commercial Bank INTERCOOPBANK (joint-stock company) JSCB INTERCOOPBANK JSC (Registration No. 2803) from 15.05.2017. According to the financial statements, as of 01.04.2017, the credit institution ranked 573^rd by assets in the Russian banking system.

JSCB INTERCOOPBANK JSC has long been in the purview of the Bank of Russia due to the bank’s transit and dubious transactions connected with cash out transactions and overseas money diversion under securities transactions. The high involvement of JSCB INTERCOOPBANK JSC in such suspicious operations despite the supervisor’s repeated measures aimed at their suppression, has demonstrated the unwillingness on the part of the bank’s management and owners to normalise its activities. Under the circumstances, the Bank of Russia took a decision to withdraw JSCB INTERCOOPBANK JSC off the banking services market.

The Bank of Russia took this decision due the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, repeated violations within one year of the requirements stipulated by Article 7 (except for Clause 3 of Article 7) of the Federal Law ‘On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism’, and the requirements of Bank of Russia regulations issued in compliance with the indicated Federal Law, and taking into account repeated applications within one year of measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.

By its Order No. OD-1239, dated 15.05.2017, the Bank of Russia has appointed a provisional administration to JSCB INTERCOOPBANK JSC 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.

JSCB INTERCOOPBANK JSC is a member of the deposit insurance system. The revocation 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 one depositor.

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