InsiderBusinessCentral Bank amends banking business licence of Promsvyazbank

Central Bank amends banking business licence of Promsvyazbank

The Central Bank  said on Tuesday it has amended the banking business licence of Promsvyazbank.

It said that taking into consideration the decision of the Central Bank of Russia to assign the functions of the provisional administration of Promsvyazbank PJSC (“Promsvyazbank”) to LLC Fund of Banking Sector Consolidation Asset Management Company, as well as the decision of Promsvyazbank to terminate the operations of its branch in Cyprus, it has decided to impose additional condition to Promsvyazbank’s banking business licence here.

As such,  Promsvyazbank’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, it added.


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