The CBR revoked the license of the Moscow Bank “FRODEBU”

Moscow. December 4. The Central Bank of Russia has withdrawn since December 4, the license for banking operations in Moscow Bank “FRODEBU”, is spoken in the message of the Central Bank.

The Central Bank explains that the Bank “FRODEBU” conducted high-risk lending policy connected with placement of funds into low-quality assets. Proper credit risk evaluation revealed complete loss of capital.

Thus, according to the regulator, the credit organization was involved in questionable conduct of transit operations in significant quantities. “The management and owners of Bank didn’t take effective measures on normalization of its activity” – indicates the Central Bank.

The Bank appointed a temporary administration, the powers of the Executive bodies are suspended. According to the Agency for Deposit insurance, the Bank is not a member of the Deposit insurance system.

As of 1 October the Bank had about 400 thousand of individuals. Total assets amounted to 3.38 billion.

Bank “FRODEBU” in the first three quarters of 2015 were 425 occupied the place in terms of assets in ranking “Interfax-100”,.

Earlier on Friday, the CBR revoked the license of the Moscow Bank “the Eurocredit”.