The Bank of Russia has revoked as of December 14, 2015 a banking license held by Bank Renaissance (Registration No. 1939), the regulator's press service reported.

The Bank of Russia noted that the decision to apply the measure of last resort was taken as the lending institution failed to fulfill federal laws regulating banking activities, and also the Bank of Russia's statutory acts, all its capital adequacy ratios dropped below 2%, and taking into account multiple application during a year of the measures provided for in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)".

Bank Renaissance conducted a high-risk lending policy and piled up no loan loss provisions adequate to the accepted risks. The proper assessment of the credit risk, at the request of a supervisory body, found a critical decline in capital adequacy ratios. Meanwhile, the lending institution got involved in suspicious transactions to transfer funds abroad, and also in large-scale suspicious transit operations," the regulator pointed out in a press release.

The Bank of Russia has cut off Bank Renaissance from the Banking Electronic Speedy Payment (BESP) system since December 1. The media previously wired that deposit accounts at Bank Renaissance were closed and funds paid based on preliminary records. Banki.ru was told at the lending institution's division that the bank is unable to add funds to effective deposit accounts and opens no new deposit accounts. Settlement account opening was suspended as the bank "has its software updated", the corporate client department said. According to a Banki.ru source, the lending institution draws no retail funds due to a Bank of Russia order.

Bank Renaissance is a member of the national deposit insurance system.