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Russian regulator imposes moratorium on BFG-Credit creditor claims, cancels MBFI Bank's license

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Russian regulator imposes moratorium on BFG-Credit creditor claims, cancels MBFI Bank's license

TheCentral Bank of the RussianFederation imposed a three-month moratorium on claims filed bycreditors of Commercial BankBFG-Credit (LLC).

Themoratorium was imposed due to the failure by the lender to meet creditors'claims on monetary obligations within seven days from their maturity date, thecentral bank said. Earlier in April, the central bank the lender under provisionaladministration for a period of six months to assess its financial situation.

TheRussian regulator also revoked an operating license held by , or MBFI Bank. The lender implemented high-risk lendingpolicy and failed to set up sufficient loan loss provisions. It was alsoinvolved in dubious financial operations.

Theregulator placed the bank under provisional administration until theappointment of a receiver or a liquidator, while suspending the powers of thelender's executive bodies.

Asof April 1, MBFI Bank ranked 567th by assets in the Russian banking system.