THE LICENSE OF PSA BANK REVOKED BY CENTRAL BANK OF RUSSIA

The Central Bank of Russia has revoked the license of PSA Finance Rus bank. This was done in response to the petition for liquidation, filed by the organization itself. In terms of assets, the bank was on the 296th place in the list of credit institutions in the country and has been operating in the financial services market since 2008.

Experts believe that such cases, when the regulator revokes the license of a commercial bank at the request of its owners, will be repeated many times in the nearest future.

According to available estimates of independent analysts, more than 30 credit institutions might face default in 2021.

Many organizations can expect a voluntary termination of their activities, as it happened in this case with PSA Finance Rus bank - the decision to liquidate the organization was made at a meeting of shareholders.

It is known that the bank was a subsidiary of the French Banque PSA Finance, one of the divisions of the international automobile holding Peugeot S.A. The company was engaged in servicing credit lines for official dealers and buyers of Peugeot and Citroen cars in Russia.

Financial services market experts note that among Russian banks created by individuals and industrial companies for their own service (captive banks), PSA Finance Rus was the only organization the financial results of which in 2019 were negative.

The bank did not participate in the deposit insurance system, being mainly engaged in lending operations.

Despite this, the banking structure provided the Central Bank with data that the creditors' claims would be fully satisfied. For this, the bank has sufficient liquidity and the necessary property. The founder of PSA Finance Rus, the French bank PSA Finance, is one of the largest financial institutions in France.