Results of provisional administration-conducted inspection of Bank IBSP (JSC)

The provisional administration to manage the credit institution Bank IBSP (JSC) (hereinafter, the Bank) appointed by Bank of Russia Order No. OD-2853, dated 31 October 2018, following the banking licence revocation, in the course of its inspection of the Bank established that the Bank’s executives had conducted operations which suggest the intention to divert assets by transferring claims on a number of counterparties to their shareholder unable to fulfil obligations assumed.

According to preliminary estimates, the value of the Bank’s assets is no more than 10.8 billion rubles whereas its liabilities to creditors stand at 23.9 billion rubles.

On 12 November 2018, the Bank of Russia applied to the Court of Arbitration of Saint Petersburg and the Leningrad Region to declare the Bank insolvent (bankrupt). The court hearing is scheduled for 30 April 2019.

In addition to the information sent earlier, the Bank of Russia submitted information on financial transactions suggestive of criminal offence conducted by the Bank’s executives to the Prosecutor General’s Office of the Russian Federation and the Investigative Department of the Ministry of Internal Affairs of the Russian Federation for consideration and procedural decision-making.

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