trending Market Intelligence /marketintelligence/en/news-insights/trending/aYGylKe6HeXSq2fUWqMosg2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Russian central bank cancels licenses of 2 small local lenders

Street Talk Episode 61 - Investors debate if U.S. banks have enough capital in post COVID world

You Down With PPP? Consider The Risks

Street Talk Episode 60 - You Down With PPP? Consider The Risks

Street Talk Episode 56 - Latest bank MOE shows even the strong need scale to thrive

Russian central bank cancels licenses of 2 small local lenders

The Central Bank of the Russian Federation revoked the licenses of JSCB Kranbank CJSC and Public Joint-Stock Co. Nevsky Narodny Bank and appointed provisional administrators for them until a receiver or a liquidator is appointed.

The regulator said Kranbank did not comply with Russia's anti-money laundering and terrorism financing legislation and also failed to set aside sufficient provisions for losses from loans. The lender also made large payments under its lease agreements, which indicated an attempt to siphon off assets.

"The nonmarket conditions of these transactions forced the credit institution to make advance payments, which considerably exceeded the cost of leased real estate," the central bank said in the Dec. 13 statement, adding that it has notified law enforcement agencies about the transactions in question.

Following the revocation of its license, Kranbank will no longer act as an investor in the financial recovery procedure launched for JSC Commercial Bank Solidarnost in 2015. JSC Zarubezhenergoproekt, which oversaw Bank Solidarnost's recovery with Kranbank, will now act as the sole investor in the recovery scheme.

Meanwhile, the license of Nevsky Narodny Bank was revoked after its capital dropped below the required level following the theft of 3 billion rubles worth of securities and cash by unidentified persons. Local enforcement agencies are currently investigating the theft, the central bank said.

Both lenders are members of Russia's deposit insurance system and their customers will receive compensation of up to 1.4 million rubles each for deposits held at the financial institutions, the central bank noted.

As of Dec. 13, US$1 was equivalent to 62.92 Russian rubles.