UPDATE: Russian cbank revokes license from St Pete’s Bank Sovetsky

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MOSCOW, Jul 3 (PRIME) -- Russia’s central bank has revoked a banking license from St. Petersburg-based Bank Sovetsky, ranked 111th by assets as of June 1, the regulator said on Tuesday.

The central bank also approved a plan with participation of the Deposit Insurance Agency (DIA) envisaging an auction to sell the bank to a credit organization which will continue rendering bank services to Bank Sovetsky’s clients on previous terms and settle its obligations.

The DIA said it will hold the auction in the next two weeks and will announce the results no later than on July 16. Insurance payments to self-employed entrepreneurs will begin no later than on July 17.

Bank Sovetsky is a member of the deposit insurance system, which means that each depositor may receive up to 1.4 million rubles in compensation.

(63.1394 rubles – U.S. $1)

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