Central bank revokes license from small Russian bank

MOSCOW, Mar 26 (PRIME) -- The Russian central bank has revoked a banking license from Cheboksary-based commercial bank Megapolice, ranked 234th by assets as of March 1, the regulator said on Friday.

The bank violated federal laws regulating banking activities and legal acts of the regulator, the central bank said.

It also underestimated the amount of reserves required for the formation of reserves for possible losses on loan and debts, and also overestimated the value of property in order to artificially improve financial performance and conceal its real financial position.

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.

(76.1741 rubles – U.S. $1)

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