Cbank revokes license from Krasnoyarsk Region-based bank

MOSCOW, Dec 13 (PRIME) -- Russia’s central bank has revoked a banking license from the Krasnoyarsk Region-based commercial bank Kansky, ranked 347th by assets as of December 1, the regulator said on Wednesday.

The bank did not comply with federal banking regulations and reduced its shareholders’ equity below the minimum level.

Ineffective risk management and internal control systems led to a significant amount of low-quality assets on the bank’s balances.

The bank’s owners and management did not take efficient measures to normalize the bank’s operations.

The bank is a member of the deposit insurance system, which means that each depositor may receive up to 1.4 million rubles in compensation.

(58.8370 rubles – U.S. $1)

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