The Bank of Russia has revoked the banking license of GARANT-INVEST BANK, a Moscow-based financial institution. This decision, outlined in Order No. OD-2303 dated December 26, 2024, was based on the bank’s violations of federal banking laws and regulations over the past year. The bank ranked 168th by assets within the Russian banking system.
The central bank cited repeated regulatory measures taken against GARANT-INVEST BANK due to these violations, including restrictions on household deposit-taking. An unscheduled inspection on December 25, 2024, revealed a significant cash shortage in the bank’s vaults. The formation of required loss provisions for these missing assets would result in the bank losing its equity, posing a threat to creditors and depositors.
In addition to revoking its banking license, the Bank of Russia also canceled GARANT-INVEST BANK’s professional securities market participant license. Information regarding transactions that showed signs of criminal activity will be forwarded to law enforcement authorities.
A provisional administrator from State Corporation Deposit Insurance Agency (DIA.RF) has been appointed by Order No. OD-2304 to manage the bank until a receiver or liquidator is appointed. The powers of GARANT-INVEST BANK’s executive bodies have been suspended as per federal laws.
GARANT-INVEST BANK is part of the deposit insurance system, ensuring compensation for depositors up to ₽1.4 million per depositor, including interest accrued. Depositors can obtain information about repayment procedures through DIA.RF’s hotline or website.
