The regulator's website reports that the Bank of Russia stripped the license of the Kazan Joint-Stock Commercial Bank Spurt, informs RT in Russian.

The message of the Central Bank says: "The result of the survey was an objective reflection of the value of assets in the credit organization's reports, which led to the complete loss of its own funds (capital)".

In addition, according to the regulator, a significant part of the loan portfolio of the bank was aimed at financing a large investment project controlled by the bank's beneficiaries, whose financial position is assessed as critical.

It is also noted that the Central Bank repeatedly applied to the bank measures of supervisory response. However, the bank's management has not taken effective actions to normalize its activities.

"Spurt" took 183 place in the banking system of Russia.