Russia’s cbank revokes license from small Moscow bank

MOSCOW, Jan 10 (PRIME) -- Russia’s central bank has revoked a banking license from Moscow-based Necklace-Bank ranked 251st by assets as of December 1, 2019, the regulator said on Friday.

The bank numerously violated federal laws regulating banking activities and the central bank’s legal acts.

The bank also completely lost its shareholders’ equity due to additional creation of reserves on a number of assets and held transactions that have signs of asset withdrawal.

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.

(61.2340 rubles – U.S. $1)

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