Cbank revokes license from Russian International Bank

MOSCOW, Sep 4 (PRIME) -- The central bank has revoked the banking license from Russian International Bank, ranked 137th by assets as of August 1, the authority said in a statement on Monday.

The bank did not comply with federal banking regulations, violated CBR bylaws, as well as frequently violated laws concerning money laundering and financing terrorism over the course of a year.

Russian International Bank also conducted high risk credit policies, including lending to non-Russian residents affiliated with beneficiaries of the bank. The bank failed to meet obligations to creditors as low quality assets had not generated a sufficient money flow.

The authority appointed a provisional administration at the bank.

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 that payments to depositors will start no later than on September 18.

(58.0557 rubles – U.S. $1)

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