Russian Central Bank revoked licenses of two Moscow banks

Russian Central Bank revoked licenses of two Moscow banks

The Moscow Prisco Capital Bank and the Intercredit have lost their licenses.

The Central Bank revoked the licenses of two Moscow banks. As reported on the website of the Central Bank, they carried out high-risk lending policies related to the placement of funds in low-quality assets. As a result of the formation of reserves adequate to the taken risk, the bank has completely lost its own funds (capital). According to allbanks.ru, the bank was established in 1993 and until 2001 it worked under the name the Trust Credit Bank. In 2001, the credit institution became the part of the corporation Prisco, having received the name the Prisco Capital Bank. The credit organization was ranked 354th in the banking system of Russia in terms of assets. The Bank is a member of the deposit insurance system. The Central Bank decided to appoint an interim administration.

In addition, the Bank of Russia revoked the license of the Intercredit bank Intercredit. The decision was made in connection with the loss of liquidity. The bank did not provide timely fulfillment of obligations to its creditors. It also did not fulfill the requirements to submit accurate reports reflecting its actual financial situation. The bank was founded in 1994 in the form of the limited responsibility partnership. The founders were the organization and companies of Moscow. In 1999, the legal form of ownership of the bank was changed to the limited liability company, in 2001 it became a closed joint-stock company, in July 2015 – joint-stock company. The bank ranked 463th  in terms of assets. An interim administration was also appointed. This credit institution was not included in the deposit insurance system.

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