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Russian regulator revokes Bank Krylovskiy's license

The Central Bank of the Russian Federation withdrew the license of OAO AKB Krylovskiy and placed the lender into provisional administration until the appointment of a receiver or a liquidator.

The regulator said in its Aug. 2 filing that the bank pursued an aggressive policy aimed at attracting household deposits and provided unreliable financial statements. The central bank also said Krylovskiy's managers and owners were involved in the illicit withdrawal of assets from the lender, with their activities to be reported by the regulator to Russian law enforcement agencies.

After a July 26 inspection at Krylovskiy, the central bank also discovered a significant cash shortage at the lender, adding that the creation of loan loss provisions for the missing assets resulted in a full loss of capital.

Krylovskiy is a member of the Russian deposit insurance system, and its retail clients are set to receive compensation of up to 1.4 million Russian rubles each for deposits held at the lender.

As of Aug. 1, US$1 was equivalent to 60.04 Russian rubles.