Ivanovo Battery

2025: Sentence to ex-deputy chairman of the board Nikita Kuzmin - 4 years probation for embezzlement of 40 million rubles

In June 2025, the Oktyabrsky District Court of Ivanovo found Nikita Kuzmina, ex-deputy chairman of the board of Ivanovo Design Bureau, guilty of embezzlement of bank funds in the amount of over 40 million rubles. Kuzmin was sentenced to 4 years of suspended imprisonment and a fine of 500 thousand rubles. The bank, represented by the bankruptcy trustee of the state corporation Deposit Insurance Agency, recognized the right to sue in civil proceedings. Read more here

2019: License Revocation

By order of April 5, 2019, the Bank of Russia revoked the banking license  from the Joint-Stock Company Commercial Bank IVANOVO. In terms of assets, the credit institution ranked 294 in the banking system of the Russian Federation.

The key activity of Bank IVANOVO was lending to companies and individuals. At the same time, more than 70% of the loan portfolio was low-quality loans. The main source of financing for this activity was the attracted funds of the population  (they accounted for about 90% of all funds raised by the bank).

Bank IVANOVO committed numerous violations of Bank of Russia regulations in the field of countering the legalization (laundering) of proceeds from crime and the financing of terrorism. In addition, the credit institution submitted to the authorized body incomplete and inaccurate information, including on operations subject to mandatory control; systematically underestimated the amount of reserves necessary for the formation , and also overestimated the value of property in order to improve financial performance and hide its real financial situation. Information about these facts that have signs of committing criminal offenses will be sent by the Bank of Russia to law enforcement agencies.

According to the Bank of Russia, an adequate reflection in the financial statements of the Bank "IVANOVO" of the credit risks and the value of property taken by it leads to a significant (more than 30%) decrease in the capital of the Bank "IVANOVO" and, as a result, to the emergence of grounds for the implementation of measures to prevent insolvency (bankruptcy), which creates a real threat to the interests of creditors and depositors.

The bank also carried out "scheme" operations to artificially maintain capital to formally comply with mandatory standards; violated federal laws regulating banking activities, as well as Bank of Russia regulations , in connection with which the regulator  has repeatedly applied measures to it over the past 12 months , including three restrictions on attracting funds from individuals.

 A temporary administration of the Bank of Russia has been appointed to Bank IVANOVO, which will be valid until the appointment of a bankruptcy trustee or liquidator. The powers of the executive bodies of the credit institution in accordance with federal laws have been suspended.

Bank IVANOVO is a member of the deposit insurance system, so the deposit amounts will be returned to depositors  in the amount of 100% of the balance of funds, but not more than 1.4 million rubles in total per depositor ( including accrued interest on deposits).

Deposits are paid by the State Corporation "Deposit  Insurance Agency."