Russian cbank revokes licenses of two small Moscow banks

MOSCOW, Apr 13 (PRIME) -- Russia’s central bank has revoked banking licenses of Moscow-based Ocean Bank, ranked 457th by assets as of April 1, and bank Puls Stolitsy, ranked 545th, the authority said in a report on Wednesday.

Ocean Bank conducted a high risk credit policy by investing money in low-quality assets. It failed to comply with the central bank’s regulatory acts for fighting money laundering and terrorism financing and was involved in dubious transactions.

Puls Stolitsy failed to comply with the central bank’s regulatory acts and properly estimate taken risks. The bank’s capital adequacy fell beyond 2% and own funds decreased beyond the minimum charter capital requirement set during the registration of the bank.

The banks are members of the deposit insurance system, which means that each depositor may receive up to 1.4 million rubles in compensation. Payments to the banks’ depositors will start no later than on April 27, the Deposit Insurance Agency (DIA) said.

(66.3456 rubles – U.S. $1)

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