OREANDA-NEWS. By its Order No.OD-4010, dated 18 November 2016, the Bank of Russia revoked the banking licence of the credit institution JOINT-STOCK COMMERCIAL BANK NATIONAL MORTGAGE BANK OPEN JOINT-STOCK COMPANY or JSCB NZBank (Registration No. 2944, the town of Dolgoprudny, the Moscow Region) from 18 November 2016.

The Bank of Russia took such an extreme measure — revocation of the banking licence — because of the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, repeated violation within a year of the requirements of Article 7 (with the exception of Clause 3 of Article 7) of the Federal Law ‘On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism’, as well as requirements of Bank of Russia regulations issued in accordance with the said federal law, capital adequacy ratios being below 2 percent, decrease in capital below the minimal value of the authorised capital established by the Bank of Russia as of the date of the state registration of the credit institution, and the repeated application within a year of measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.

Bank of Russia appointed a provisional administration to JSCB NZBank (OJSC) for the period until the appointment or a liquidator. In accordance with federal laws, the powers of the credit institution’s executive bodies are suspended.

According to reporting data, as of 1 November 2016, JSCB NZBank (OJSC) ranked 375th in the Russian banking system in terms of assets.