Russian cbank revokes license from New Industrial Bank

MOSCOW, Aug 3 (PRIME) -- Russia’s central bank has revoked a banking license from Moscow-based New Industrial Bank, ranked 441 by assets as of July 1, the regulator said on Friday.

The bank did not comply with federal laws regulating banking activities and the central bank’s legal acts, including on money laundering and terrorism financing.

New Industrial Bank used a risky business model, which led to formation of a significant volume of low-quality assets on its balances.

The bank was also involved in dubious transit operations, while its owners and managers did not take efficient measures to normalize its operations.

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.

(63.1358 rubles – U.S. $1)

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