The Bank of Russia, the country’s central bank, has revoked the banking licence of Morgan Stanley Bank, a credit institution based in Moscow.

Morgan Stanley Bank’s licence has been revoked following its decision to participate in voluntary liquidation.

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The licence was cancelled in accordance with Article 23 of the Federal Law ‘On Banks and Banking Activities’.

The Bank of Russia will appoint a liquidation commission to Morgan Stanley Bank as a result of this move.

The credit institution has enough assets to meet the claims of creditors, as per the data provided to the central bank.

In its recent report, the Russian unit of Morgan Stanley already revealed its plans for restructuring its business.

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The application of the banking licence annulment was filed last month and it includes broker, dealer and depository activities of the bank.

The bank already ceased its trading activities in the financial market in the first quarter of this year.

It transferred its assets in the investment banking and real estate departments to its Russian unit.

Upon restructuring its operations, the Morgan Stanley Group will retain its presence in Moscow, Russia.

According to the financial statements as of May 2020, Morgan Stanley Bank is ranked 279th by assets in the Russian banking system.