On the revocation of banking licence and appointment of provisional administration

By Order No. OD-1153, dated 26 May 2014, the Bank of Russia revoked the banking licence of the Moscow-based credit institution Commercial Bank Kreditimpeks Bank, limited liability company, or CB Kreditimpeks Bank LLC (Registration No. 2037) from 26 May 2014.

The Bank of Russia took such an extreme measure — revocation of the banking licence — because of the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations and taking into account the repeated application over the past year of supervisory measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.

CB Kreditimpeks Bank LLC did not create loan loss provisions adequate to accepted risks and violated the procedure and deadlines of financial reporting to the Bank of Russia. Over 2013, the credit institution was involved in dubious transactions. The total amount of the aforementioned transactions was over 13.5 billion roubles.The management and owners of the bank have not taken measures required to normalise its activities.

ByitsOrderNo. OD-1154, dated 26 May 2014, the Bank of Russia has appointed a provisional administration to CB Kreditimpeks Bank LLC for the period until the appointment of a receiver pursuant to the Federal Law ‘On the Insolvency (Bankruptcy) of Credit Institutions’ 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.

As of 1 May 2014, CB Kreditimpeks Bank LLC was ranked 774th by assets in the Russian banking system.

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26.05.2014 00.00.00