Russian cbank revokes license from small Moscow bank

MOSCOW, Aug 17 (PRIME) -- Russia’s central bank has revoked a banking license from Moscow Bill Bank, ranked 419th by assets as of July 1, the regulator said on Friday.

Moscow Bill Bank did not comply with federal laws regulating banking activities and the central bank’s legal acts and posed a real threat to interests of its creditors and depositors.

The bank held transactions aimed at hiding its real financial state and failed to properly estimate risks, which led to formation of a significant volume of dubious assets on its balances. The bank’s 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. Payments to depositors will start no later than on August 31, the Deposit Insurance Agency (DIA) said.

(66.8932 rubles – U.S. $1)

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