Russian cbank revokes license from small Moscow-based bank

MOSCOW, Apr 27 (PRIME) -- Russia’s central bank has revoked a banking license from Moscow-based International Bank for Finances and Investments, ranked 567th in the country’s banking system by assets as of April 1, the regulator said in a statement Wednesday.

The bank conducted risky lending policy and did not create adequate reserves against possible losses on loans. The bank was also involved in shady transit operations, and its management did not take measures to stabilize the bank’s activity, the central bank said.

The bank is a member of the deposit insurance system, which means that each depositor may receive redemption of up to 1.4 million rubles. Payments to the bank’s depositors will start no later than on May 11, the Deposit Insurance Agency (DIA) said.

(66.4559 rubles – U.S. $1)

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