As of September 16, 2014 the Central Bank of Russia has cancelled a banking license held by Moscow-based Intrustbank (Registration No. 3144), the regulator said in a press release.
Due to the loss of liquidity Intrustbank failed to timely fulfill its obligations to creditors. The lending institutions internal control regulations did not meet the requirements of CBRs statutory acts, the regulator specified. In addition, Intrustbank got involved in suspicious non-cash operations on a large-scale basis. The lending institutions executives or owners took no actions to bring its activities to normal and restore its financial standing, CBR noted.
Intrustbank is a member of the national deposit insurance system.
In late August Banki.ru wrote that Intrustbank suspended the acceptance of new retail deposits and payment from effective deposit accounts due to “the statutory restrictions”. The lenders acting management board chairman Boris Epifanov explained the halt of deposit payment by liquidity problems, which are faced “by any Russian bank, including the nations largest ones”.
In mid-August the Bank of Russia ordered the lending institution to limit the opening of deposit accounts to the clients which are not its shareholders. However, as the banks call center reported on September 8, the bank did not suspend the opening of retail deposits and individuals may open new deposit accounts. Meanwhile, the bank admitted that it has encountered financial problems.
In addition, the financial institution pledged individuals to present its share with par value of Rub 6,000 to those who open deposit accounts.
On September 11, 2014, for the first time in the past twelve months, the Moscow Exchange deprived Intrustbank of access to the trading floor due to the failure to execute transactions.