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Bank from top 100 loses license

      RBC, 27.07.2016, Moscow 10:49:46.The Central Bank of Russia (CBR) has revoked a license of Moscow-based commercial bank BFG-Credit due to a complete loss of capital, according to a statement posted on the regulator's website on July 27.

      In early April, the CBR appointed a provisional administration to BFG-Credit in order to examine the financial state of the bank. BFG-Credit failed to comply with the CBR's requirement to set aside additional RUB 3bn (approx. USD 45.63m) provisions for its loan portfolio, a source at the bank said then.

      An acquaintance of BFG-Credit CEO Pavel Doinov confirmed the information about the regulator's requirement to make additional loan loss provisions, but said that their amount was RUB 6bn (approx. USD 91.27m).

      BFG-Credit ranked 99th largest bank in Russia by assets on July 1 and had major state-run federal TV companies Channel One, the All-Russia State Television and Radio Broadcasting Company (VGTRK), and Russia Today news agency among its clients.

      The funds of the TV companies with BFG-Credit amounted to about RUB 6bn, a person close to the bank said. This figure is in line with BFG-Credit's latest IFRS report for 2014, which says that the TV companies held RUB 6.5bn (approx. USD 98.87m) with the bank.

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