Sofrino Bank

2014: Revocation of license

At the beginning of June, 2014 the Central Bank revoked a license for banking operations from three banks - Moscow Sofrino and BFT and also from Irkutsk Radian. It is said in official statements of the Central Bank.

As the reason of revocations of licenses of Sofrino and BFT the Central Bank calls carrying out by credit institutions "the high risk credit policy connected with placement of money in low-quality assets".

On May 27 the Sofrino bank stopped issue of deposits to individuals. From the middle of April it suffered a shortage of liquidity in this connection in credit institution the regime of prerecording of clients on receiving deposits was introduced. The bank explained the increased demand for cash with concern of investors because of the become frequent revocations of licenses of commercial banks.

Net assets of bank made 7.4 billion rubles (on this indicator the credit institution took the 315th place), among assets the loan portfolio (about 77%) dominated. The bank is a participant of deposit insurance system. The network of divisions of bank consists of 12 offices working in Moscow and the Moscow region. The bank was founded in 1994 and in the 1990s closely cooperated with the enterprise for production of church utensils of Sofrino. In 2005 the director of this enterprise Evgeny Parkhayev headed Board of Directors of bank. The Board of Directors also includes the deputy head of the World Russian National Cathedral, the writer Valery Ganichev.

The bank offered specialized programs for the companies metaltraders, was engaged in investment projects in the field of the real estate and art. Sofrino was among the largest Russian banks by the amount of equity and was a participant of a system of compulsory deposit insurance since 2005.