YEREVAN, March 22. /ARKA/. Russia’s Central Bank revoked the banking license of Business Development Bank OJSC, the regulator said on Firday.
The bank was striped of its license over its failure to comply with the federal laws on banking activity and Bank of Russia regulations.
The regulator noted Business Development Bank had been constantly violating banking laws and regulations of Bank of Russia over the past 12 months. The bank had been leading highly risky policy as it conducted lending to one of the shareholders. This, in its turn, was affecting negatively the financial stability of the organizations pushing it to bankruptcy.
Currently, in compliance with the order by Bank of Russia, a temporary administration will manage Business Development Bank until a bankruptcy trustee or liquidator is appointed.
Business Development Bank was established on August 17, 1993, to support business boost in Russia and mobilization of financial resources for investment projects.
On May 16, 1994 the bank received its banking license N2836.—0-
