May Bank

Maysky bank — one of banks of Kabardino-Balkar Republic; it is founded in 1992. The central office is located in the city May. For July, 2020 the bank provides services for individuals, small and medium business: deposits, credits, loans, transfers, currency exchange transactions.

History

2020: Revocation of license

On October 9, 2020 the Central Bank of the Russian Federation announced revocation of license of bank from Kabardino-Balkaria May which on the value of assets took the 350th place in the Russian banking system.

The regulator claims that May distorted financial statements and avoided creation of required reserves on possible losses. Checking the Bank of Russia revealed cases of dummy repayment of loan debt for the purpose of concealment of actual level of arrears and artificial formation of interest income of credit institution.

Besides, the bank broke the law on legalization counteraction, to laundering of criminal income, terrorism financing. The Bank of Russia will send information on violations to law enforcement agencies.

Former bank department "May"

Payment of deposits is made by Deposit Insurance Agency. There said that payments to bank depositors will begin no later than October 23, 2020. Before the specified date the DIA will publish in the local press and also will post the official declaration of the place, time, a form and an order of reception of applications of payment of an insurance indemnity for deposits on the website.

For operational reception of applications of investors and the fastest payments of compensation for deposits the agency intends to use agent banks which will be selected on a competitive basis no later than October 15, 2020, said in release in time.

The DIA reminded that compensation is paid to the investor in the amount of 100% of the amount of all his accounts (deposits) in bank, including open for implementation of business activity, but no more than 1.4 million rubles in total. The amount which is not compensated by an insurance will be repaid during liquidation of bank as a part of requirements of creditors of the first stage (for the accounts of SP opened for implementation of business activity — as a part of the third queue). On a bank deposit (account) in foreign currency compensation on deposits is calculated in rubles at the rate of the Bank of Russia for October 9, 2020.^[1]

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