The Bank of Russia withdrew the license at Bank “the Renaissance”

The Bank of Russia withdrew the license at Bank “the Renaissance”


Bank “the Renaissance” conducted high-risk lending policies and create adequate accepted risks provisions for possible losses on loans, the Bank lost a significant part of own funds (capital), said the regulator.

MOSCOW, Dec 14. The Bank of Russia on 14 December withdrew the license for banking operations in Moscow Bank “the Renaissance”, is spoken in the message of the regulator.

Bank “the Renaissance” conducted high-risk lending policies and create adequate accepted risks provisions for possible losses on loans. As a result of execution of requirements of Supervisory authority about formation of the reserves in the required amount the Bank lost a significant part of own funds (capital), said the regulator.

In addition, the credit institution was involved in questionable conduct transit operations, including cash withdrawal abroad in large volumes.

The Bank is a participant of the Deposit insurance system. By total assets, according to Central Bank data, as of 1 December 2015 242 took place in the banking system of the Russian Federation.