CBR cancels AMT Bank license, the Russian central bank’s PR department reported on Thursday.

“The Bank of Russia decided to apply the last resort — to cancel a banking license — due to the non-fulfillment by AMT Bank of the federal laws regulating banking activities and CBR statutory acts, the failure to meet monetary claims of creditors, taking into account the application of measures stipulated by the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” during the year on numerous occasions”, press releases say.

“AMT Bank invested in low-quality assets and did not form adequate reserves against possible losses under other assets, nesessary to cover up possible losses. The lender failed to comply with the federal laws that regulate banking activities and CBR’s statutory acts”, CBR reports.

A temporary administration team was appointed for AMT Bank.