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On revocation of banking licence and appointment of provisional administration

13 апреля 2015 года
Пресс-релиз
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By its Order No. OD-785, dated 13 April 2015, the Bank of Russia revoked the banking licence from the Moscow-based credit institution Commercial Bank Transnational Bank, limited liability company, or CB Transnational Bank LLC (Registration No. 2108) from 13 April 2015.

The Bank of Russia took such an extreme measure — revocation of the banking licence — because of failure by the CB Transnational Bank LLC to comply with federal banking laws and Bank of Russia regulations, proven material misstatement of the reporting data, and application within a year of measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.

The CB Transnational Bank LLC implemented high-risk lending policy connected with placement of funds in low-quality assets. The credit institution failed to meet the supervisor’s requirements on creating adequate loan loss provisions, and wilfully mispresented the financial statements and its actual financial position to the Bank of Russia, and hid available grounds for the revocation of the banking licence as stipulated by Part 2, Article 20 of the Federal Law ‘On Banks and Banking Activities’.

Besides, the CB Transnational Bank LLC was involved in dubious operations of clients connected with overseas funds transfer in significant amounts.

The management and owners of the bank did not take effective measures to normalise its activities. In these circumstances, the Bank of Russia has taken a decision to revoke the banking licence from the CB Transnational Bank LLC.

By its Order No. OD-786, dated 13 April 2015, the Bank of Russia has appointed a provisional administration to the CB Transnational Bank LLC for the period until the appointment of a receiver pursuant to the Federal Law ‘On 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.

The CB Transnational Bank LLC is a member of the deposit insurance system. The revocation of banking licence is an insured event envisaged by Federal Law No. 177-FZ ‘On Insurance of Household Deposits with Russian Banks’ regarding the bank’s obligations on deposits of households determined in accordance with the legislation.

According to the financial statements, as of 1 March 2015, the CB Transnational Bank LLC ranked 185th by assets in the banking system of the Russian Federation.


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