Russian cbank revokes license from small St Petersburg-based bank

MOSCOW, Feb 16 (PRIME) -- The central bank has revoked the license from St. Petersburg-based North-West 1 Alliance Bank, Russia’s 547th largest bank by assets as of February 1, the regulator said in a statement Thursday.

North-West 1 Alliance Bank did not comply with laws and central bank’s acts regulating banking activity, and did not take actions to bring its shareholder equity and capital in line with central bank requirements. The bank invested in low-quality assets, estimated risks wrongly and its capital fell to below the minimum threshold after the authority demanded proper risks valuation.

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.

(56.7719 rubles – U.S. $1)

End