After the license was revoked, 2.3 billion in cash from the international Qiwi group remained in Qiwi Bank’s accounts. The latter is working to return the funds, as evident from the company’s report.
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Qiwi also said the bank was a major service provider and partner for various cross-border transactions, including certain products and services provided to the group’s international divisions. The company’s management plans to replace Qiwi Bank as the operator of these services with new partners
According to the company, the revocation of the license caused a significant decline in the group’s activities. The negative trend may continue if the company fails to find new business partners to help restore operations and cash flow.
- In January 2024, Qiwi closed a deal to separate its business and sell Russian assets. The buyer was Fusion Factor Fintech Limited of Hong Kong. The transaction amount was 24 billion rubles.
- A month later, the Bank of Russia revoked Qiwi Bank’s banking license. After this, Qiwi wallet replenishment turned out to be unavailable and the payment system also blocked the withdrawal of funds. Customers of other banks cooperating with Qiwi also had problems. Later, the Central Bank stated that Qiwi Bank, according to preliminary estimates, has sufficient funds to return money from electronic wallets.
- On April 10, Qiwi Group announced that it would continue to operate despite the revocation of the license of Qiwi Bank, which was the core of its business. On the same day, the Arbitration Court decided to forcibly liquidate Qiwi Bank.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
