July 01, 2016 09:31
CBR revokes license of Moscow's FCRB Bank
KRASNOYARSK. July 1 (Interfax) - The Central Bank of Russia (CBR) has revoked the banking license of Moscow-based First Czech-Russian Bank effective (FCRB) July 1, the regulator said in a statement.
"Amid unsatisfactory quality of assets, FCRB Bank inadequately assessed assumed risks. A proper assessment of credit risk in accordance with the demand of the oversight body led to the complete loss of the bank's capital. The lender's management and owners did not take effective measures to normalize its operations," the CBR said.
A temporary administration has been appointed at the bank by an order of the CBR dated July 1.
FCRB was Russia's 149th largest bank by assets at the end of the first quarter of 2016, according to the Interfax-100 ranking of the country's lenders. According to the CBR, the bank was Russia's 126th largest by assets as of June 1.
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