Russian cbank revokes license from Rostov-on-Don bank

MOSCOW, Mar 15 (PRIME) -- The Russian central bank has revoked a banking license from commercial bank Kredit Express based in the city of Rostov-on-Don, ranked 372nd by assets as of March 1, the regulator said on Thursday.

The bank did not comply with federal banking regulations and the central bank’s regulatory acts, including aimed at prevention of money laundering and terrorism financing, and posed a real threat to interests of creditors and depositors.

The proper evaluation of lending risks uncovered a significant decrease in shareholders’ equity of the bank and grounds to take measures to avoid bankruptcy, but the bank’s owners and managers did not take efficient measures to normalize its operations.

Kredit Express 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 the bank’s depositors will start no later than March 29, the Deposit Insurance Agency (DIA) said in a statement.

(56.9372 rubles – U.S. $1)

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