Russian cbank revokes license from small Tagilbank

MOSCOW, Jul 20 (PRIME) -- Russia’s central bank has revoked a banking license from Tagilbank, based in the Sverdlovsk Region city of Nizhny Tagil and ranked 409th by assets as of July 1, the regulator said on Friday.

Tagilbank 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’s operations were loss-making for a long period due to low efficiency of its business model.

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.

(63.2746 rubles – U.S. $1)

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