The PR department of the Bank of Russia announced the cancellation of the banking licenses held by Bank Imperia (Moscow), Privatholdingbank (Moscow) and non-banking lending institution Tranchetrade (Makhachkala).
This decision was taken, as the companies failed to fulfill federal laws regulating banking activities and CBR statutory acts, due to identified instances of material misstatement of financial reports, their failure to meet monetary claims of creditors and also taking into account the application on numerous occasions of the measures stipulated by the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” during the year.
Due to the loss of liquidity Bank Imperia failed to timely fulfill its obligations to creditors. Meanwhile, the lending institution’s management and shareholders took no efficient measures to solve the problem," CBR said in a press release.
“Privatholdingbank pursued a high-risk lending policy, investing funds on a regular basis in low-quality assets and failed to form adequate reserves against possible losses. At the same time, the lender submitted to the Central Bank of the Russian Federation considerably misstated financials concealing its unsatisfactory financial standing," CBR pointed out.
Lending institution Tranchetrade, based on CBR data, “did not detect operations that are subject to mandatory control and violated the deadline for submitting relevant information to Rosfinmonitoring. Furthermore, Tranchetrade did not comply with the statutory mandatory ratios, violated accounting regulations, did not form any adequate reserves against possible losses under loans and related obligations, and also did not fulfill the requirements specified in CBR’s orders. “In October-November 2010 the lending institution granted over Rub 5.3 bln to its customers from its cash office for the purchase of agricultural products and for other purposes, while its balance sheet total stood at Rub 212.7 mln," CBR emphasized in the press release.
The power and authority of all three companies’ executive bodies were suspended, temporary management teams were appointed. The Bank of Russia noted that Bank Imperia is a member of the national deposit insurance system and a revoked license is an accident insured.
