Cbank revokes licenses from two small Russian banks
MOSCOW, May 25 (PRIME) -- RussiaТs central bank has revoked banking licenses from Yaroslavl-based United Credit Bank, ranked 200th by assets as of May 1, and Khabarovsk-based Ussury Bank, ranked 275th, the regulator said on Friday.
United Credit Bank performed operations aimed at concealing the real financial state. The bank did not comply with requirements for adequate risk assessment that resulted in a large amount of dubious assets on the balance.
Ussury Bank repeatedly violated the central bankТs law on money laundering and terrorism financing.
Both banks are members of the deposit insurance system, which means that each depositor may receive up to 1.4 million rubles in compensation. Payments to depositors of the banks will start no later than June 8, the Deposit Insurance Agency (DIA) said.
(61.4090 rubles Ц U.S. $1)