OREANDA-NEWS. By its Order No. OD-2836, dated 16 October 2015, the Bank of Russia revoked the banking licence from the Vsevolozhsk-based credit institution LENOBLBANK, limited liability company or LENOBLBANK LLC (Registration No. 1003, the Leningrad Region) from 16 October 2015.

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 violations within a year of the requirements of Articles 6 and 7 (except for Clause 3 of Article 7) of the Federal Law 'On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism', and the related Bank of Russia regulations, capital adequacy below 2%, decrease in equity capital below the minimal amount of the authoruised capital established as of the date of the state registration of the credit institution, and taking into account the application over the past year of supervisory measures envisaged by the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)'.

LENOBLBANK LLC implemented high-risk lending policy connected with placement of funds into low-quality assets. As a result of meeting the supervisor's requirements on creating provisions adequate to the risks assumed, the credit institution lost its equity capital.

Besides, LENOBLBANK LLC failed to comply with legislation and Bank of Russia regulations on anti-money laundering and the financing of terrorism in terms of timely and detailed provision of information to the authorised body. Meanwhile, the credit institution's activity was aimed at large-scale dubious transactions.

LENOBLBANK LLC is a member of the deposit insurance system. The revocation of banking licence is an insured event envisaged by Federal Law No. 177-FZ 'On Insurance of Household Deposits with Russian Banks' regarding the bank's obligations on deposits of households determined in accordance with the legislation.

According to the financial statements, as of 1 October 2015, LENOBLBANK LLC ranked 301st by assets in the Russian banking system.