On 16 of October, the Bank of Russia revoked licences of “Sotrudnichesvo”, “Lada-Credit” and “Lenoblbank” for conducting banking transactions. All 3 banks are members of the deposit insurance system.
As the Central Bank informed that the respective decision for banks “Sotrudnichesvo”, “Lada-Credit” and “Lenoblbank” had been taken due to the failure of federal laws, which is regulating bank activities.
As notified the Bank of Russia, the credit bank “Lada-Credit” had performed a highly risky credit policy, relating to the allocation of funds in low-quality assets. As a result, the organisation lost its capital.
In 2014, the Bank of Russia revoked 84 bank licences. Since the beginning of this year over 60 banks have been staying without a licence.