UPDATE: Central bank revokes license from Bank Ivanovo

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MOSCOW, Apr 5 (PRIME) -- Russia’s central bank has revoked a banking license from the Ivanovo Region-based Bank Ivanovo, ranked 294th by assets as of March 1, the regulator said in a statement on Friday.

The bank did not comply with federal laws regulating banking activities and the central bank’s legal acts, including on money laundering and terrorism financing. It also underreported its real financial state and the sum of necessary provisioning.

Bank Ivanovo 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 depositors will start no later than April 19, the Deposit Insurance Agency (DIA) said.

Maxim Osadchy, director of the research department at Corporate Finance Bank, added that the payments may amount to around 2 billion rubles.

Bank Ivanovo’s capital stood at 408.6 million rubles as of March 1. In 2018, the bank had a loss of 214.8 million rubles.

(65.3281 rubles – U.S. $1)

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