Central bank says increases UFC Bank capital gap to 21.9 bln rbl

MOSCOW, Sep 10 (PRIME) -- The central bank has increased a capital gap at Moscow-based United Financial Capital Bank (UFC Bank), Russia’s 127th by assets, which lost its license in April, to 21.9 billion rubles from an earlier estimate of 17.5 billion rubles, the regulator said on Monday.

The bank’s assets stood at 6.288 billion rubles, while liabilities reached 28.216 billion rubles, the regulator said.

UFC Bank used a risky business model based on lending to producers and distributors of alcoholic beverages and financed mutually dependent companies in the industry using schemes to escape restrictions by the central bank, the regulator said earlier. The bank also repeatedly violated criminal income legalization and the terrorism financing law by failing to provide information on operations subject to obligatory control and trustworthy reports to the central bank on time.

(69.0286 rubles – U.S. $1)

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