Central Bank recalls license of Moscow-based Financial Standard Bank - Central Bank
TOMSK. June 8 (Interfax) - The Central Bank of Russia has recalled the license for carrying out banking operations from the commercial bank, Financial Standard Bank, which is based in Moscow, the Central Bank said in a statement.
The license was revoked on June 8.
"Due to the failure by the Moscow-based credit institution Financial Standard Commercial Bank Limited or Financial Standard Bank to comply with federal banking laws and Bank of Russia regulations, due to the fact that the values of all capital adequacy ratios of the bank are below two percent, because of decrease in the bank capital below the minimum amount of the authorized capital established as of the date of the state registration of the credit institution, due to the bank's inability to meet monetary obligations to creditors [...] the Bank of Russia decided (Order No. OD-1797, dated June 8, 2016) to revoke the banking license from the credit institution Financial Standard Commercial Bank Limited (Bank of Russia Registration No. 1053, date of registration is December 3, 1990) from June 8, 2016," the Central Bank said in a statement on its website.
In addition the full spending of capital was noted. The bank was involved in dubious transit operations.
A provisional administration was appointed at Financial Standard Bank. The authorities of the bank's management were suspended in accordance with federal laws.
The bank is a participant in the deposit insurance system.
Financial Standard in Q1 2016 was Russia's 209th largest bank by assets, according to the Interfax-100 ranking. According to the Central Bank, as at May 1, 2016 the bank held 218th place in the banking system by size of assets.