CBR revokes license of Bulgar Bank
TOMSK. Jan 16 (Interfax) - The Central Bank of Russia (CBR) has revoked the banking license of Yaroslavl-based Bulgar Bank effective January 16, the CBR said in a statement.
Bulgar Bank, Russia's 427th largest bank by assets, according to the Interfax-100 ranking at the end of Q3 2016 and a member of the deposit insurance system, went into administration, pending the appointment of a receiver or liquidator.
It had its license pulled because it did not meet the regulator's requirements to provide financial statements which bear reliable data on its liabilities to individuals, the Central Bank said. In addition, due to a low quality of assets incapable of generating sufficient cash flow, Bulgar Bank failed to honor its liabilities to creditors on time. It stopped serving customers at the start of this year and its management and owners did not take measures to bring its activities back to normal.
