Russian cbank revokes license from Moscow Region-based bank
MOSCOW, Jul 7 (PRIME) -- Russia’s central bank has revoked a banking license from the Moscow Region-based bank EurocityBank, ranked 245th by assets as of June 1, the regulator said Thursday.
The bank did not comply with laws that regulate banking operations and created a real threat to interests of creditors and depositors.
The bank lost its financial solvency after tax authorities demanded a debt repayment and actually ceased its operations in early July, the regulator said. Its management and owners did not take efficient measures to normalize the bank’s operations.
EurocityBank 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 depositors will start no later than on July 21, the Deposit Insurance Agency (DIA) said in a statement.
(64.6304 rubles – U.S. $1)
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