UPDATE: Central bank revokes license from Russian Trust Bank

(Adds comments in last paragraph)

MOSCOW, Aug 16 (PRIME) -- The central bank has revoked a banking license from Moscow-based Russian Trust Bank, ranked 262nd by assets as of August 1, the regulator said Tuesday.

The bank did not comply with federal laws on regulation of banking activity and violated the central bank’s regulatory acts and capital adequacy ratios. The bank inappropriately estimated its risks due to poor quality of assets and lost shareholders’ equity after proper estimation of risks under demand from the authority.

The bank’s owners and managers did not take efficient measures to normalize the bank’s operations.

Russian Trust 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 depositors will start no later than on August 30, the Deposit Insurance Agency (DIA) said.

(64.2076 rubles – U.S. $1)

End