Central Bank of Russia revokes license of Maykopbank

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AK&M 05 April 2021 23:31

The Bank of Russia has revoked the banking license of Maykopbank (Maykop). The credit institution ranked 321st in the Russian banking system in terms of asset size, the regulator informed.

Bad loans represented over half of the loan portfolio of Maykopbank. The Bank of Russia repeatedly requested MAYKOPBANK to create additional loss provisions. Compliance with the above requests revealed sufficient grounds in the bank's activities calling for action to prevent its insolvency (bankruptcy).

The powers of the credit institution's executive bodies are now suspended. The Bank of Russia appointed a provisional administration to Maykopbank for the period until the appointment of a receiver or a liquidator. Maykopbank is a participant in the deposit insurance system.