On results of inspection of financial standing of CB International Bank of Development (JSC) held by provisional administration

The provisional administration to manage CB International Bank of Development (JSC) appointed by Bank of Russia Order No. OD-4401, dated 9 December 2016, following the revocation of its banking licence, in the course of examination of the bank’s financial standing has revealed operations aimed at moving out the bank’s assets through making reverse repos and exchanging securities totalling 1.4 billion rubles.

Besides, the analysis of the credit portfolio has demonstrated the need to revaluate the fair value of approximately 93% of outstanding loans.

According to the estimate by the provisional administration, the bank’s assets do not exceed 95 million rubles, whereas the bank’s liabilities to its creditors amount to 1.3 billion rubles.

On 14 March 2017, the Arbitration Court of the City of Moscow recognised the bank as insolvent (bankrupt). The State Corporation Deposit Insurance Agency was appointed as a receiver.

The Bank of Russia submitted the information on the financial transactions bearing the evidence of the criminal offence conducted by the former management and owners of the bank to the Prosecutor General’s Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and the Investigative Committee of the Russian Federation for consideration and procedural decision making.

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02.06.2017 00.00.00