On Friday, December 19, the Central Bank of Russia has cancelled a banking license held by Tyumenagroprombank (Registration No. 917), the regulator said in a press release.
Tyumenagroprombank’s head office was shut down on December 15 due to the bans and restrictions on the part of the Bank of Russia and following financial restrictions.
The Bank of Russia decided to revoke the lending institution’s license as the bank failed to comply with the federal laws regulating banking activities and also CBR’s statutory acts, its capital adequacy ratio fell below 2% and its equity declined below the minimum threshold set by CBR on the date of the lending institutions’ state registration and due to the application of the measures specified by the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)”.
Based on the regulator’s data, Tyumenagroprombank conducted a risky lending policy, investing funds in poor quality assets. The lending institution lost all its equity (capital). Furthermore, the bank’s executives and owners took no efficient measures to normalize its operation or restore its financial standing.
