The Central Bank of the Russian Federation (Bank of Russia)
12 Neglinnaya Street, Moscow, 107016 Russia;
On revocation of banking licence from AC Bank and appointment of provisional administration
By its Order No. OD-773, dated 29.03.2018, the Bank of Russia revoked the banking licence from the Samara-based credit institution Joint Stock Company ActiveCapital Bank, or JSC AC Bank (Registration No. 3006), further referred to as the credit institution.
Some of the credit institution’s transactions this March were intended to siphon off a substantial amount of assets, resulting in sharply deteriorated financial standing, the emergence of severe liquidity strain and the credit institution’s inability to meet its obligations to customers in time. The specifics of the credit institution’s operations therefore necessitated action to prevent its insolvency (bankruptcy); there arose a real threat to its creditors’ and depositors’ interests. Also, the credit institution’s operations were found to be non-compliant on multiple counts with the law and Bank of Russia regulations on countering the legalisation (laundering) of criminally obtained incomes and the financing of terrorism with regard to the accuracy of information the credit institution submitted to the authorised body about operations subject to obligatory control.
The Bank of Russia repeatedly applied supervisory measures against the credit institution, including the imposition of restrictions on household deposit taking.
The management and owners of the credit institution failed to take effective measures to normalise its activities. Moreover, their behaviour was unscrupulous: they withdrew assets to the detriment of creditors’ interests. The Bank of Russia submitted the information about these facts bearing signs of a criminal offence to law enforcement agencies.
Under the circumstances, the Bank of Russia took the decision to withdraw Joint Stock Company ActiveCapital Bank from the banking services market.
The Bank of Russia took this measure in connection with the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, its repeated violations, within a year, of the Federal Law ’On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism’, as well as Bank of Russia regulations issued in accordance with the said law, and the application of the measures stipulated by the Federal Law ’On the Central Bank of the Russian Federation (Bank of Russia)’, taking into account a real threat to the interests of creditors and depositors.
By its Order No. OD-774 , dated 29.03.2018, the Bank of Russia appointed a provisional administration to JSC AC Bank for the period until the appointment of a receiver pursuant to the Federal Law ‘On the Insolvency (Bankruptcy)’ or a liquidator under Article 23.1 of the Federal Law ‘On Banks and Banking Activities’. In accordance with federal laws, the powers of the credit institution’s executive bodies have been suspended.
JSC AC Bank is a member of the deposit insurance system. The revocation of the banking licence is an insured event as stipulated by Federal Law No. 177-FZ ‘On the Insurance of Household Deposits with Russian Banks’ in respect of the bank’s retail deposit obligations, as defined by law. The said Federal Law provides for the payment of indemnities to the bank’s depositors, including individual entrepreneurs, in the amount of 100% of the balance of funds but no more than a total of 1.4 million rubles per depositor.
According to its financial statements, as of 01.03.2018, the credit institution ranked 117th by assets in the Russian banking system.
29 March 2018
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