OREANDA-NEWS. In the course of supervision over the activity of CB Transnational Bank LLC the Bank of Russia revealed considerable unreliability of the bank's statements presented to the Bank of Russia as they did not reflect its real financial standing due to the inadequate credit risk assessment.

The Bank of Russia demanded that CB Transnational Bank LLC create additional provisions for outstanding loans and present reliable statements, but the bank failed to meet these demands.

The presenting of reliable statements by CB Transnational Bank LLC would have resulted in grounds to revoke the bank's licence pursuant to Clause 1 of Part 2 of Article 20 of the Federal Law 'On Banks and Banking Activities'.

Thus, the bank's management concealed from the supervisory authority the grounds set by Russian legislation for the obligatory revocation of its banking licence that bears the evidence of a criminal offence specified in Article 172.1 of the Criminal Code of the Russian Federation.

By its Order No. OD-785, dated 13 April 2015 the Bank of Russia revoked the banking licence from Transnational Bank LLC from 13 April 2015.

The Bank of Russia has submitted the information on the activity of the management of CB Transnational Bank LLC bearing the evidence of a criminal offence to the Investigation Committee of the Russian Federation for consideration and procedural decision making.