Russian cbank cancels license of small Moscow’s Promregionbank

MOSCOW, May 30 (PRIME) -- The Russian central bank has revoked the banking license from Promregionbank, headquartered in Moscow and ranked 340 by assets as of May 1, the authority said in a statement on Monday.

Promregionbank had a loan portfolio of low quality, and the central bank recurrently sent letters with demands to minimize the loan risks. The bank fully lost the shareholders' equity after forming adequate reserves against the losses, the central bank said.

The bank is a participant of the deposit insurance system, which means that its clients will be entitled for repayment of up to 1.4 million ruble deposits.

(66.0413 rubles – U.S. $1)

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