Cbank revokes licenses from two small Moscow banks

MOSCOW, Feb 2 (PRIME) -- Russia’s central bank has revoked banking licenses from Moscow-based PartnerCapitalBank, ranked 469th by assets as of January 1, and Raschetno-Kreditny Bank, ranked 184th, the regulator said on Friday.

PartnerCapitalBank’s business model was mainly oriented at placing money in high risky assets, which led to formation of a big volume of troubled debts at the bank. The bank did not comply with the central bank’s laws and regulatory acts, including aimed at prevention of money laundering and terrorism financing. The bank was also involved in dubious transit transactions, while its management and owners did not take efficient measures to normalize its operations.

Raschetno-Kreditny Bank also did not comply with the central bank’s laws and regulatory acts, including aimed at prevention of money laundering and terrorism financing, and failed to provide trustworthy reports to the regulator. The bank was holding dubious transactions posing a threat to interests of creditors and depositors. Managers and owners did not take efficient measures to normalize the bank’s operations.

The banks are members of the deposit insurance system, which means that each depositor may receive up to 1.4 million rubles in compensation.

(56.2613 rubles – U.S. $1)

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