Central bank revokes license from Perm-based Proinvestbank

MOSCOW, Apr 23 (PRIME) -- The Russian central bank revoked a banking license from Perm-based Professional investment Bank, or Proinvestbank, ranked 315th by assets as of April 1, the regulator said on Friday.

The bank intentionally underestimated its reserves for impairment and repeatedly overestimated the assets for better financial reporting. The bank also violated the federal laws regulating the banking activity and the rules of the central bank in the last 12 months.

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.

Payments to the bank’s depositors will start no later than on May 7, the Deposit Insurance Agency (DIA) said.

(76.4217 rubles – U.S. $1)

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