Russian central bank revokes license from Moscow-based bank

MOSCOW, Mar 4 (PRIME) -- Russia’s central bank has revoked a banking license from Moscow-based Rosavtobank, ranked 254th by assets as of February 1, the regulator said in a statement Friday.

Rosavtobank failed to comply with the central bank’s regulatory acts for fighting money laundering and terrorism financing. The bank also conducted a high-risky credit policy and failed to create adequate loan loss reserves and eventually completely lost its shareholders’ equity.

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 the bank’s depositors will start no later than on March 18, the Deposit Insurance Agency (DIA) said.

(73.8242 rubles – U.S. $1)

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