Cbank revokes license from Moscow-based United Reserve Bank

MOSCOW, Oct 8 (PRIME) -- The central bank has revoked a banking license from Moscow-based United Reserve Bank, Russia’s 289th largest bank by assets as of September 1, the regulator said in a statement Friday.

United Reserve Bank did not comply with federal laws regulating banking activities and the central bank’s legal acts, including on money laundering and terrorism financing.

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.

The Deposit Insurance Agency (DIA) said in a statement that payments to the bank’s clients will start no later than October 22.

(72.2854 rubles – U.S. $1)

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