‘Sputnik’ Bank of Samara deprived of the license by the Central Bank of Russia

‘Sputnik’ Bank of Samara ranked 295th in the rating of the financial institutions in the Russian Federation. The Central Bank reported that the interim administration conducted an audit in the bank, having discovered a large shortage of money - law enforcement officers opened criminal cases on this fact.

It turned out that ‘Sputnik’ Bank had completely lost its capital.

As a result, the Central Bank made a decision to revoke the bank's license. Among other violations, an underestimation of the necessary reserves for possible losses and an overestimation of the value of assets were revealed.

What is more, ‘Sputnik’ violated banking laws and regulations of the Central Bank. Over the past year, the regulator has repeatedly applied measures to the organization (including limiting the attraction of depositors' funds), but this has not yielded results.

The Central Bank also announced the participation of ‘Sputnik’ in dubious foreign exchange transactions.

Now the bank will have a temporary administration, up to the appointment of a bankruptcy trustee or liquidator. ‘Sputnik’ is a member of the deposit insurance system, and therefore its clients will be able to receive their funds, but no more than 1.4 million rubles per person.