Insider Business Central Bank amends banking business licence of Avtovazbank

Central Bank amends banking business licence of Avtovazbank

The Central Bank said on Tuesday that taking into consideration the decision of the Russian Central Bankto assign the functions of the temporary administration for the management of Avtovazbank to Limited Liability Company “Management Company of the Fund for the Consolidation of the Banking Sector” and the decision of the CBRF to acquire full ownership of the ordinary shares of Avtovazbank, it has decided to impose additional condition to Avtovazbank’s banking business licence in Cyprus.

It said Avtovazbank’s branch in Cyprus shall not engage in any banking business, except for inter alia:

1. the repayment of the existing customer deposits,

2. the acceptance of payments towards existing customers’ credit facilities,

3. the execution of customers’ outgoing payment orders and the acceptance of incoming transfers on behalf of customers, solely for the purpose of settlement of existing business commitments,

The additional condition set out above entered into force as from August 10 2018 and shall remain in force until such time as there will be more clarity as to the future ownership and status of Avtovazbank and the plans for the Cyprus branch, when the decision will be reviewed, it concluded.

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