Freedom Holding Corp (FRHC)

[Quintessence]

Freedom Finance successfully passed the check of the Central Bank

News / Banks and MFIs / March 13, 2019 13:39

https://www.plusworld.ru/daily/banki-i-mfo/fridom-finans-uspeshno-proshel-proverku-tsb/

In the period from February 19 to March 5, 2019, the Bank of Russia held an unscheduled specialized audit at OOO FFIN Bank regarding the transfer of funds to the Fund of Mandatory Reserves (FOR).

No violations that could lead to measures by the Bank of Russia were identified.

“Successful passing of the check of the regulator confirms the extremely high degree of reliability and standards of work, which the bank adheres to, transparency and openness of its activities. Customers can be confident in quality and professional service, in the safety and enhancement of trusted funds. The number of depositors does not decrease, characterizing the degree of trust in a credit institution, ”said Gennady Salych, Chairman of the Board of FFIN Bank LLC, commenting on the audit results.

As of March 1, 2019, the size of the bank's assets was 3.26 billion rubles.

The structure of assets consists of cash and, to a large extent, highly liquid securities of first-class issuers (mainly bonds, with a one-third OFZ share); no more than 7% - loans to individuals with extremely high quality debt service.

Lending to legal entities LLC “FIN Bank” is not engaged.

The main source of income for the bank is risk-free commission income from customer service to individuals, as well as (mostly) legal entities that make up the parent company.

The volume of deposits as of March 1, 2019 was 2.47 billion rubles. At the end of 2018, the bank significantly reduced rates on deposits: they are now lower than rates in large commercial banks and even in a number of banks with state participation. In addition to traditional ones, the bank also offers clients index products, for example, with a binding interest on a deposit or cashback on a card to the value of shares of large Russian and international companies.

Recall that a comprehensive audit of the bank (in several directions at once) was carried out in October 2018, and as part of the general check of the regulator, the Deposit Insurance Agency (DIA) separately assessed the credit organization. As a result of these events, the compliance of FFIN Bank LLC with all Bank of Russia requirements for banking institutions and work within the framework of the deposit insurance system was confirmed. The check concerning transfers to FOR, took place more than three years ago.

Freedom Finance Bank was founded on October 23, 1990. Earlier, the bank existed as Ochabank LLC, but on August 4, 2015 it entered the Freedom Finance group of companies and was renamed Freedom Finance Bank (FININ Bank LLC).

According to the materials of Freedom Finance Bank. Learn more: https://www.plusworld.ru/daily/banki-i-mfo/fridom-finans-uspeshno-proshel-proverku-tsb/