UPDATE 2: Cbank revokes 2 small Russian bks, nonbank firm licenses

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MOSCOW, Apr 8 (PRIME) -- The central bank has revoked the license from Fia-Bank, Russia’s 175th by assets, over the poor quality of assets and incorrect assessment of risks, Soveren Bank, ranked 485, for investment in low-quality assets, and of nonbank credit firm Maima, 693th, for dubious transactions, the regulator said in a statement on Friday.

An adequate assessment of the risks of Samara-region headquartered Fia-bank on request from the central bank resulted in a capital loss.

At Moscow-based Soveren Bank, the rules of internal supervision against money laundering and terrorism financing did not meet central bank requirements . The bank was involved in dubious operations, including money transfer abroad.

Maima did not comply with the requirements for client identifications and reporting of operations that are subject to obligatory control by the central bank. The company conducted dubious operations involving ghost firms.

The two banks are members of the deposit insurance system, which means that each depositor may receive up to 1.4 million rubles in compensation.

(67.7960 rubles – U.S. $1)

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