Press Service

The Central Bank of the Russian Federation (Bank of Russia)

Press Service

12 Neglinnaya Street, Moscow, 107016 Russia;

On cancelling banking licence of credit institution Wellton Bank

In accordance with Bank of Russia Order No. OD-635, dated 15 March 2018, the banking licence of the Belgorod-based credit institution Joint-stock Company Wellton Bank or JSC Wellton Bank (Registration No. 1105) was cancelled effective 15 |March 2018.

The Bank of Russia cancelled the credit institution’s banking licence based on Article 23 of the Federal Law ’On Banks and Banking Activities’ following the decision of the credit institution’s authorised body to terminate its activity through voluntary liquidation according to Article 61 of the Civil Code of the Russian Federation and the submission of the respective application to the Bank of Russia.

Based on the data provided to the Bank of Russia, the credit institution has enough assets to satisfy creditors’ claims.

In compliance with Article 62 of the Civil Code of the Russian Federation and Article 21 of the Federal Law ’On Joint-stock Companies’, a liquidation commission will be appointed to Wellton Bank.

Wellton Bank is a member of the deposit insurance system. The cancellation of the banking licence is an insured event as stipulated by Federal Law No. 177-FZ ‘On the Insurance of Household Deposits with Russian Banks’ in respect of the bank’s retail deposit obligations, as defined by law. The said Federal Law provides for the payment of indemnities to the bank’s depositors, including individual entrepreneurs, in the amount of 100% of the balance of funds but no more than a total of 1.4 million rubles per depositor.

According to the financial statements, as of 1 March 2018, Wellton Bank ranked 500th by assets in the Russian banking system.

15 March 2018

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