The Central Bank of Russia has revoked the license of the Bank of Corporate Finance to carry out banking operations.
BKF is suspected of violating federal laws regulating banking activities.
The Bank of Russia’s statement emphasizes: “The reason was violations of legislation on combating the legalization and laundering of income.”
The Central Bank explained that the bank's clients will be able to receive compensation in the amount of 1.4 million rubles per depositor, as well as interest.
The Central Bank also noted that the activities of BKF were characterized by low asset quality.
The bank was also involved in suspicious transactions and the transfer of funds abroad.
In addition, the Central Bank revoked BKF’s license for professional activity in the securities market.
The Deposit Insurance Agency has been appointed as the temporary administration of the bank.
At the time of the license revocation, BKF was ranked 230th among Russian banks
An inefficient business model and chronic unprofitability were the reasons why BKF Bank lost its license.
