The Bank of Russia revoked the license of Millennium Bank, on Friday, February 5, reported on the website of the regulator.
The decision to revoke the license for banking operations was taken due to the fact that the Bank did not execute Federal laws, regulating banking activity and normative acts of the Central Bank, said in a statement.
With a poor quality of assets of Millennium Bank were not adequately evaluated credit risks taken, said the regulator. “Proper assessment of credit risk on demand of the Supervisory authority identified the loss of your own funds (capital) of the Bank. In addition, in connection with loss of liquidity of the credit institution fails to perform the obligations to creditors”, reads the message of the Central Bank.