Russia’s cbank files bankruptcy suit against BFG-Credit Bank

MOSCOW, Aug 4 (PRIME) -- The Moscow Arbitration Court has registered a bankruptcy suit filed by the central bank against Moscow-based BFG-Credit Bank, Russia’s 99th largest by assets as of July 1, a representative of the court told PRIME on Thursday.

The date of hearing has not been scheduled yet.

The regulator revoked BFG-Credit Bank’s license on July 27 saying that the bank violated central bank’s regulatory ratios, as its capital adequacy ratio fell to below 2% and shareholder equity fell below the capital figure. The bank did not duly estimate its risks and lost its equity after proper risk assessment and reflection of asset costs in its report.

A representative of the central bank told PRIME then that the gap between assets and liabilities of BFG-Credit Bank amounted to no less than 40 billion rubles under preliminary estimates.

In April, the central bank introduced a provisional administration at BFG-Credit Bank for six months. Later, the regulator imposed a 3-month moratorium on redemption of BFG-Credit Bank’s liabilities to creditors. In May, the Deposit Insurance Agency (DIA) said it will redeem around 22 billion rubles to about 44,800 depositors of the bank.

(66.7420 rubles – U.S. $1)

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