As of May 13, 2014 the Bank of Russia has cancelled a banking license held by Moscow-based Bank Navigator (Registration No. 2469), the regulator said in a press release on its website.
Based on the regulator’s data, Bank Navigator pursued a high-risk credit policy by investing the money in poor quality assets. “Upon formation of provisions adequate to the risks reasons arose to take measures to prevent the bank’s insolvency (bankruptcy). In addition, the bank failed to timely fulfill its obligations to the creditors and deposit holders," the Bank of Russia noted in a press release. Moreover, Bank Navigator failed to comply with the requirements of anti-money laundering laws. The bank’s management and owners took no measures to rehabilitate the bank, the regulator reported.
The lending institution is a member of the national deposit insurance system.
On Monday the bank said it suspended card operations until May 15.
