The Central Bank has revoked the license for banking operations from the Moscow CB Industrial Savings Bank (IS Bank). This is stated in the message of the press service of the Bank of Russia.
The regulator also cancelled the license for the IP Bank to carry out professional activities in the securities market.
The IP Bank's activities were largely focused on providing loans to high-risk borrowers. The bank systematically underestimated the credit risk, which posed a threat to its financial stability, the Central Bank emphasizes.
In addition, the credit institution conducted large suspicious transactions of clients aimed at withdrawing funds into the shadow market.
The powers of the executive bodies of the credit institution have been suspended. The bank will have a temporary administration until the appointment of a bankruptcy trustee or liquidator.
