Effective Friday, March 22, the Central Bank of Russia revoked a banking license issued to Entrepreneurship Development Bank, the regulator’s PR department reported.
“The Bank of Russia said it adopted a decision to revoke starting March 22 a banking license granted to Entrepreneurship Development Bank," the regulator said in a press release.
The lending institution was not a member of the national deposit insurance system.
For the record, over the past twelve months the lending institution violated banking legislation and CBR’s statutory acts several times. As the regulator pointed out, the bank pursued a high-risk policy, including by lending one of its shareholders, which produced a negative impact on the lending institution’s financial standing and led to the reasons for measures to be taken to prevent its insolvency.
The bank’s temporary administration team will be headed up by Kovaleva, chief economist of the department in charge of to-be-liquidated lending institutions (the Banking Supervision Division at the Moscow Chief Territorial Directorate of the Bank of Russia).
