CENTRAL BANK OF RUSSIA REVOKED A LICENSE OF ROSBUSINESSBANK

On October 23, the Central Bank published an order to revoke the banking license from Rosbusinessbank. The decision was made due to numerous violations of the financial institution.

The document notes that Rosbusinessbank did not comply with the federal laws regulating banking activities, as well as regulations of the Central Bank. In particular, the bank violated the requirements for combating money laundering and terrorist financing during the year.

The Central Bank noted that the bank's actions posed a real threat to creditors and depositors.

What is more, Rosbusinessbank overestimated the size of its own funds, as more than 50% of its portfolio is represented by problem loans. The organization made non-transparent transactions with an affiliated company and provided the Central Bank with an incorrect calculation of capital.

Rosbusinessbank ranked 338th in the Russian banking rating, it is a member of the deposit insurance system.