MOSCOW, June 25 – RAPSI. The Moscow Commercial Court has registered the Bank of Russia's statement to recognize United Development Bank as bankrupt.

According to the bank, it is fully controlled by Denmark’s Westland Holding ApS. According to the Prime news agency, the company belongs to Chairman of the Board Vladimir Sotskov.

The Bank of Russia revoked United Development Bank’s license to carry out banking activities as of June 15. According to the Bank of Russia, United Development Bank allegedly did not fulfill its obligations before creditors and did not create reserves adequate to the risks taken on possible losses under loans. It also did not abide by the order for reporting on its operations.

United Development Bank held 543rd place as of April 1 in terms of assets nationwide. Its charter capital is 269.42 million rubles ($8.13 million).