UPDATE: Russian cbank revokes license from small Moscow bank

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MOSCOW, Sep 28 (PRIME) -- Russia’s central bank has revoked a banking license from Moscow-based Trade Finance Bank, ranked 292nd by assets as of September 1, the regulator said on Friday.

The bank did not comply with federal laws regulating banking activities and the central bank’s legal acts and posed a real threat to interests of creditors and depositors.

The bank’s business model was mostly oriented on servicing interests of its shareholders and affiliated persons, which led to a significant volume of non-working assets on the bank’s balances. The bank also carried out non-transparent deals aimed at hiding the real volume of credit risks.

The 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 the bank’s depositors will start no later than on October 12, the Deposit Insurance Agency (DIA) said.

(65.8355 rubles – U.S. $1)

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