Russia’s cbank revokes license from Belgorod Region-based bank
MOSCOW, Nov 29 (PRIME) -- Russia’s central bank has revoked a banking license from Agroindustrial Bank of Stary Oskol based in the Belgorod Region’s city of Stary Oskol and ranked 332 by assets as of November 1, the regulator said on Friday.
The bank numerously violated federal laws regulating banking activities and the central bank’s legal acts, including on money laundering and terrorism financing.
The bank also underestimated the volume of necessary reserves against possible loan losses and was involved in dubious transactions aimed at optimization of taxation.
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.
The Deposit Insurance Agency (DIA) said in a statement that payments to depositors of the bank will start no later than on December 13, and agent banks will be chosen no later than on December 5.
(64.1005 rubles – U.S. $1)
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