The Bank of Russia revoked the license of the Moscow

Photos: Moscow 24/Nikita Simonov

the Bank of Russia revoked the license for banking operations of the battery Apabank. About it reports Agency “Moscow” with reference to the press service of the regulator.

“the Bank of Russia order dated January 31, 2020 OD-166 has revoked the license for banking operations of the Agrarian trade Union joint stock commercial Bank Apabank (Joint stock company), JSCB Apabank (AO) (reg. No. 2404, Moscow)”, – stated in the message.

the Central Bank decided after analyzing the financial statements of the credit organization. It turned out that Apabank underestimated the amount of necessary to the formation of reserves and at the same time overestimate the value of the property. Due to this, the Bank tried to hide the real situation in the organization.

Analysts of the Bank of Russia also drew attention to the fact that the credit portfolio of “Apobank” more than 70 percent consisted of distressed loans. The Bank has repeatedly urged more adequately assess risks on loans and real financial situation in the relevant statements.

it is Noted that the restrictions of the Central Bank concerned, including the securities.

At this point in AKB apabank appointed a temporary administration of the Bank of Russia. To further the problem the credit institution will be headed by either the bankruptcy Trustee or liquidator.

Earlier it was reported that Russian banks in the third quarter of 2019 have reduced the issuance of unsecured loans and credit cards. Experts note that this trend may be caused by limitations of the Central Bank. Under the new rules, banks are required to take into account the increased debt load of the borrower.

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