Bank of Russia: On revocation of banking licence (4/8/2016)
OREANDA-NEWS. Due to the non-compliance by the Moscow-based credit institution joint-stock company Soveren Bank or JSC Soveren Bank with federal banking laws and Bank of Russia regulations, considering repeated application within a year of measures stipulated by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’, taking into account a real threat to creditors’ and depositors’ interests, guided by Article 19, Clause 6 of Article 20 of the Federal Law ‘On Banks and Banking Activities’ and Part 11 of Article 74 of the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’, the Bank of Russia decided (Order No. OD-1181, dated 8 April 2016) to revoke the banking licence from the credit institution joint-stock company Soveren Bank (Bank of Russia Registration No. 3206, date of registration — 27 January 1995) from 8 April 2016.