Russian Central Bank withdraws license from top 30 bank
MOSCOW, July 28 (RAPSI) – Russia's Central Bank said on Friday that the license of Yugra bank, one of the top 30 banks, had been withdrawn.
On July 10, the Central Bank imposed temporary administration represented by the Deposit Insurance Agency (DIA) in the bank for six months and a three-month moratorium on creditor claims. The DIA was ordered to conduct Yugra’s status inquiry. The bank managers’ powers have been suspended for six months as well.
These measures were applied because of Yugra’s financial uncertainty and threat to interests of its creditors and depositors, according to the regulator.
The Prosecutor General’s Office challenged two Central Bank’s orders on Yugra on July 19. According to prosecutors, the warrants were issued unreasonably because the regulator had not revealed violations of statutory requirements by the bank during the checks and supervision.
On August 15, the Moscow Commercial Court will hear an application lodged by Yugra over the Central Bank’s actions and rulings.
Bank Yugra, one of Russia’s leading commercial banks, was founded in 1990. As of October 1, 2016, Yugra enters TOP-30 largest banks by assets and TOP-20 largest banks by retail deposits among the Russian banks, the organization’s official website reads.