By its Order No. OD-4398, dated 9 December, the Bank of Russia revoked the banking license from the PJSC M2M Private Bank (hereafter M2M)

Discussions between shareholders of M2M and experts of the Bank of Russia on possible financial rehabilitation measures preceded the Order of the Bank of Russia. The Central Bank’s decision aims to fully protect interests of the bank’s customers and creditors.

Asian-Pacific Bank (hereafter APB), being 100% shareholder of M2M  and its largest creditor, mentioned that the decision of the Bank of Russia will have no impact on APB’s operations and its further development. APB follows its strategy to provide products and services to wealthy private individuals using technologies and “know-how” of the subsidiary bank.

APB, founded in 1992, is one of the leading privately-owned banks in Eastern Siberia and Far East, and is one of the top 50 largest financial institutions in Russia. Shareholders of APB among others are major international investors: International Finance Corporation (IFC) and East Capital Financial Fund AB. APB fully complies with all regulatory requirements of the Bank of Russia and has sufficient liquidity cushion for further development of business services for retail and corporate clients. Particularly, the Bank has significant liquidity buffer: short-term liquidity ratio (N2) is 11x above the minimum requirements of the Bank of Russia while current liquidity ratio is 4.6times higher.  Net profit of APB exceeded RUB 1.1 bn for three quarters of 2016, the Bank's capital amounted to RUB 13 bn.