UralTransBank’s License Annulled

26 October 2018 (09:38)

UrBC, Yekaterinburg, October 26, 2018. The Bank of Russia annulled UralTransBank’s license this week, the former’s website states.

‘This is to announce that the Bank of Russia annuls the banking license of Yekaterinburg-based PAO UralTransBank (Identification Number 812) starting October 25, 2018 (Bank of Russia’s Decree dated October 25, 2018/No. OD 2785),’ the website says.

Now UralTransBank closed down more than a third of its retail branches in the last eight months; besides, the bank was on the Central Bank of Russia’s non-compliers list for eighteen months.

Valeriy Zavodov, a business owner, is the bank’s primary beneficiary and holds a 37.78% stake in the capital. However, he actually controls a much larger share of the bank’s authorized capital through his family members and a number of limited liability companies.

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