Cbank says revokes license of Russian Investment Alliance Bank

MOSCOW, Aug 17 (PRIME) -- The central bank has revoked a banking license from Moscow-based Russian Investment Alliance Bank (RIA Bank), ranking 334th by assets, for non-compliance with banking laws and central bank regulations and a capital fall to below a minimum threshold, the central bank said in a statement on Thursday.

The bank had ineffective risk management and internal control policy, which led to a significant amount of low-quality assets.

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.

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