Press Service

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

Press Service

12 Neglinnaya Street, Moscow, 107016 Russia;

On results of inspection of financial standing of credit institution PJSC Bank VVB by provisional administration

The provisional administration to manage PJSC Bank VVB (hereinafter, the Bank) appointed by Bank of Russia Order No. OD-893, dated 09.04.2018, due to the revocation of its banking licence, in the course of examination of the Bank’s financial standing has revealed operations aimed at diverting the Bank’s assets through transfer of credit claims to legal entities with dubious creditworthiness and issuing loans to counterparties to settle liabilities arising from the said transfers. The total value of these operations was over 2.4 billion rubles.

The provisional administration, acting within its mandate, established facts suggesting that the Bank’s former management and officials conducted operations aimed at diverting the Bank’s assets through purchasing and selling real estate.

Also, the provisional administration encountered obstruction of its operations from the Bank’s management that failed to submit loan documentation to a total of over 1.2 billion rubles.

The provisional administration estimates the value of the Bank’s assets to be not more than 6.5 billion rubles, whereas its liabilities exceed 12.2 billion.

On 16.05.2018, the Arbitration Court of the City of Sevastopol recognised the bank as insolvent (bankrupt). The State Corporation Deposit Insurance Agency was appointed as a receiver.

The Bank of Russia submitted the information on the financial transactions bearing the evidence of criminal offence conducted by the former management and owners of the Bank to the Prosecutor General’s Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and the Investigative Committee of the Russian Federation for consideration and procedural decision making.

19 July 2018

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