The Central Bank revoked the license of the Bank “Financial capital”

The Central Bank on 25 October revoked the license of the St. Petersburg Bank “Financial capital”, according to the website of the regulator.

The Bank of Russia took this decision due to failure of the financial institution of the Federal laws and normative acts of the regulator. According to the Central Bank, the Bank “Financial capital” during the year has repeatedly violated the requirements of article 6, 7 (excluding clause 3 of article 7) of the Federal law “about counteraction to legalization (laundering) of incomes obtained in a criminal way, and terrorism financing”

As noted in the message of the Central Bank, the Bank “Financial capital” conducted high-risk lending policy on placement of money in low-quality assets. According to the regulator, the Bank is unable to timely fulfill liabilities to creditors due to poor asset quality.

The total assets of the Bank “Financial capital” took the 512-th place in the Russian banking system. Now it appointed a temporary administration.

The Bank is the participant of system of insurance of contributions. Payment of insurance compensation to depositors will start no later than 8 November, announced on its website the Agency on insurance of contributions (ASV).