The Bank of Russia has revoked effective March 3, 2016 a banking license held by Bank Aktsia (Registration No. 927), the regulator's press service reported.
The Bank of Russia decided to apply the last-resort measure as the lending institution failed to fulfill federal laws regulating banking activities and CBR's statutory acts, violated many times during a year measures provided for in the Federal Law "On the Central Bank of the Russian Federation (Russia)", and also taking into consideration a real threat to the interests of its creditors and deposit holders.
"Bank Aktsia pursued a high-risk credit policy, investing funds in low-quality assets. Upon adequate assessment of accepted risks and reliable reflection of the bank's asset value the bank lead to reasons for the lending institution to take measures to prevent insolvency (bankruptcy). The bank's executives and owners took no measures required to normalize its activities," the press release noted.
Bank Aktsia is a member of the national deposit insurance system.
In July 2015, the Bank of Russia imposed administrative responsibility on the bank's management under Article 15.27 of the Russian Code of Administrative Offences ("Failure to Meet Requirements of Law on Counteraction of Legalization (Laundering) of Criminal Income and the Financing of Terrorist Acts"). In October 2015, Russian rating agency RAEX (Expert RA) downgraded the bank's creditworthiness rating to B+ (quite low level of creditworthiness) and withdrew it as the bank refused to be rated any longer.
