Cbank revokes license of Mezhtopenergobank, Russia’s 108th largest

MOSCOW, Jul 20 (PRIME) -- The central bank has revoked a banking license of Moscow-based Mezhtopenergobank, ranking 108th largest among Russia’s banks by assets as of July 1, the regulator said in a statement on Thursday.

Mezhtopenergobank placed money in low-quality assets and inadequately estimated risks. The bank provided loans to companies that did not carry out any economic activity. The bank also violated laws that fight terrorism financing and money laundering. The management and owners of the bank did nothing to normalize the bank’s condition.

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

(59.2418 rubles – U.S. $1)

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