UPDATE: Russian cbank cancels license of small Rostov Region bank

(Adds details in last paragraph)

MOSCOW, Nov 23 (PRIME) -- The central bank has revoked the banking license from Maximum, Russia’s 665th by assets, the authority said in a statement Monday.

Bank Maximum, based in the Rostov Region, has conducted a highly risky credit policy and attracted clients aggressively by setting deposit rates that were much higher than the market. The bank ignored a central bank’s limit on loans.

The bank is a participant of the deposit insurance system, which means that the clients will be entitled for repayment of up to 1.4 million ruble deposits.

The Deposit Insurance Agency said that repayments will start until December 7.

(64.8673 rubles – U.S. $1)

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