trending Market Intelligence /marketintelligence/en/news-insights/trending/sZYn21DxTVT4FTgd2LxLVw2 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 regulator cancels Assotsiatsiya Bank's license

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

South State CenterState MOE Shows Even The Strong Need Scale To Thrive

Talking Bank Stocks, Playing The M&A Trade With Longtime Investor

Report: Kashkari Says Fed In Holding Pattern But Rate Cut Still Possible

Russian regulator cancels Assotsiatsiya Bank's license

The Central Bank of the Russian Federation revoked the license of OJSC CB Assotsiatsiya Bank, ranked 170th by assets in the Russian banking system, and put the lender into provisional administration until the appointment of a receiver or a liquidator.

The regulator said it discovered the absence of 3.8 billion Russian rubles worth of funds which were reflected in Assotsiatsiya's financial reports and were supposed to be held in the lender's accounts with a foreign bank. The missing sum exceeded Assotsiatsiya's equity capital more than twofold. The regulator ordered the lender to set aside additional provisions for the missing assets, which resulted in the loss of capital by the bank.

The funds were supposed to be held at VTB Bank (Europe) SE but disappeared after a series of fraudulent transactions carried out by Assotsiatsiya's treasury officer, who has already been interrogated by Russian law enforcement, Kommersant reported July 29.

Assotsiatsiya is a member of Russia's deposit insurance system, and its customers will receive compensation of up to 1.4 million rubles each for deposits held at the lender, the central bank noted. The lender is also accumulating financial resources to settle its obligations with clients whose deposits exceeded 1.4 million rubles, Kommersant said.

Assotsiatsiya's management board is headed by Mikhail Gaponov, who also serves as vice chairman of the board at the Association of Russian Banks, the newspaper noted.

As of July 29, US$1 was equivalent to 63.50 Russian rubles.