CBR revokes license of Garant-Invest Bank

MOSCOW. Dec 26 (Interfax) - The Central Bank of Russia (CBR) has revoked the banking license of Moscow-based Garant-Invest Bank, the CBR said in a statement.

The CBR said that it had repeatedly imposed measures against the bank, including restrictions on accepting deposits, for the past 12 months because it violated banking laws.

"In the course of an unscheduled audit conducted on December 25, 2024, an inspection of cash money in Garant-Invest Bank's vault found a large shortfall," the CBR said in a press release.

Making the necessary provisions for possible losses on actually absent assets will lead to the complete loss of the bank's capital, the CBR said. "In light of this, a real threat to the interests of creditors and depositors has arisen in Garant-Invest's activity," the press release said.

The CBR said it will forward information about transactions made at the bank to law enforcement agencies.

The CBR also annulled the bank's license to conduct professional activities on the securities market.

A temporary administration has been appointed at the bank, with its responsibilities given to the Deposit Insurance Agency. The temporary administration will remain in place until a receiver or liquidator is appointed.

Garant-Invest Bank, a participant in Russia's deposit insurance system, was Russia's 162nd largest bank by assets at the end of the third quarter of 2024, according to the Interfax-100 ranking.

The bank is part of Financial-Industrial Corporation Garant-Invest (FPK Garant-Invest), according to the latter's website. FPK Garant-Invest was founded in 1993 and includes more than 20 businesses in various sectors, including investment, banking, commercial real estate development and management, and chain retail.