Russian cbank revokes license of Moscow’s Gazstroybank
MOSCOW, Aug 12 (PRIME) -- The central bank has recalled the license of bank Gazstroybank, Russia’s 335th by assets as of August 1, the authority said in a statement on Friday.
The Moscow-based bank conducted highly-risky credit policies, investing in low-quality assets. A proper risk appraisal on request from the central bank and a trustworthy asset price reflection triggered circumstances requiring bankruptcy prevention measures. The bank was also involved in dubious transactions with ghost firms.
The bank is a participant of the deposit insurance system, which means that each depositor will be entitled for redemption of up to 1.4 million ruble deposits.
(64.9497 rubles – U.S. $1)
End
12.08.2016 09:01