Central bank revokes license from small regional bank

MOSCOW, Dec 29 (PRIME) -- Russia’s central bank has revoked a banking license from Vologda-based North Credit Bank, ranked 244th by assets as of December 1, the regulator said on Friday.

The bank did not comply with the central bank’s laws and regulatory acts, including aimed at prevention of money laundering and terrorism financing.

Due to a lack of liquidity at the end of December the bank was unable to timely fulfill its obligations to creditors and depositors. Its shareholders’ equity fell below the minimal level.

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.

(57.6291 rubles – U.S. $1)

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