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Russian central bank delicenses 1 lender, puts 2nd in provisional administration


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Russian central bank delicenses 1 lender, puts 2nd in provisional administration

The Central Bank of the Russian Federation revoked the license of LLC Tatarstan Agricultural & Industrial Bank, or Tatagroprombank, and placed the lender into provisional administration until the appointment of a receiver or a liquidator.

The regulator said Tatagroprombank provided financing to credit institutions forming an informal banking group controlled by PJSC Tatfondbank and had to increase its loan loss provisions after Tatfondbank and PJSC IntechBank lost their licenses in March. Following the formation of additional provisions, the lender lost its capital, which prompted the central bank to cancel its license.

Tatagroprombank, which ranked 400th by assets in the Russian banking system as of March 1, also failed to comply with Russian legislation on money laundering and financing of terrorism, the regulator noted.

The central bank also said it imposed a three-month moratorium on creditor claims at PJSC Moscow Joint-Stock Bank Tempbank because of the lender's unstable financial position and its failure to settle financial obligations within seven days from their maturity date. The regulator also placed Tempbank into provisional administration by the Russian Deposit Insurance Agency for a period of six months, tasking the DIA with assessing the lender's financial position.