The Central Bank revoked the license of Ivanovo Bank, the regulator said in a statement. With its activities, Ivanovo jeopardized the interests of depositors and creditors, and also systematically violated the regulations of the Central Bank, the regulator notes.

As of March 1, 2019, Bank Ivanovo ranked 294th in the country’s banking system in terms of assets. The authorized capital of the credit institution, according to the Central Bank, is 142 million rubles. The key area of its activity was lending to companies and individuals, but more than 70% of the loan portfolio were low-quality loans, the Central Bank said in a statement. The main source of financing for this activity was funds raised from the population - they accounted for about 90% of all funds raised by the bank. The bank is also a participant in the deposit insurance system .

The Central Bank's website published the composition of Ivanovo shareholders as of May 2018. The bank's largest shareholder was the American Charles Hart Taylor, who until 2006 was a US congressman from the state of North Carolina. He acquired a stake in Ivanovo Bank in 2009, Taylor said in an interview with the Internet portal Bankir.ru. Boris Bolshakov and Irina Khilkova have 12.75% and 7.05%, respectively. In a conversation with Bankir.ru, Taylor called Bolshakov his business partner in Russia.