The Central Bank of Russia revoked the banking licence of Kemerovo-based Non-bank Credit Organization Taidon LLC after it failed to make mandatory payments for more than 14 days. According to the central bank’s press service, poor asset quality prevented the institution from generating sufficient cash flows to continue operating, leaving it insolvent. A provisional administrator has been appointed to manage Taidon until a receiver or liquidator is appointed, and the powers of its executive bodies have been suspended. The institution ranked 355th by assets in the Russian banking system.
Central Bank of Russia revokes Taidon’s banking licence after failure to make mandatory payments
The Central Bank of Russia revoked Non-bank Credit Organization Taidon LLC’s banking licence following more than 14 days of unpaid mandatory payments. The central bank’s press service attributed its insolvency to poor asset quality and insufficient cash flows. A provisional administrator will manage the institution pending the appointment of a receiver or liquidator, with its executive bodies’ powers suspended.