Photo: Anatoly Zhdanov / Kommersant
The Bank of Russia revoked the license to Morgan Stanley Bank, a subsidiary of Morgan Stanley Bank Europe, said in a statement the regulator.
The credit institution itself submitted the corresponding application, the reason for it was the decision of a shareholder to change the format of your business in Russia.
U.S. Bank Morgan Stanley is one of the largest in the world. Since 2011 he is part of the global list of systemically important banks, which is founded by the countries “the big twenty” the financial stability Board.
The organization decided to abandon the banking license in Russia last year because it fell under the appropriate regulation. So Morgan Stanley went back to models that worked in the country from 1994 to 2006.
Morgan Stanley Bank held in the banking system of Russia 279-e a place. Its assets amounted to 3,367 billion rubles, while the total capital of 2.7 billion. The Central Bank in its comments stated that the organization has enough assets to satisfy creditors ‘ claims.
Earlier a similar, though not so dramatically, their activity changed from another major international Bank — Goldman Sachs. For saving on reporting he suffered a business brokerage LLC “Goldman Sachs Bank” and OOO “Goldman Sachs” license refused. A subsidiary of Citi “Citigroup global markets” has lost the licence on the same grounds.
27 may it was reported that the Russians for the fourth consecutive month massively withdraw currency from Bank deposits. Against this background, in March the Russian banks brought into the country nearly five billion dollars in cash and more than a billion euros.
Video, photo All from Russia.